EquityPandit’s Outlook for Gold for the week  (Oct 08, 2018 – Oct 12, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 2.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 30500 to 30600 from where the commodity has broken down from 3 months of consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 30700 to 30800 from where the commodity has broken down in the month of July-2018. During the week the commodity manages to hit a high of 31670 and close the week around the levels of 31643.

Minor support for the commodity lies around 31300 to 31400. Support for the commodity lies in the zone of 31000 to 31100 from where the commodity broke out of September-2018 high and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30500 to 30600 where short & medium term moving averages are lying.

Resistance for the commodity lies in the zone of 31700 to 31800 where the commodity has formed a high in the month of May-2018 and June-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 32000 to 32200.

Broad range for the commodity in the coming week can be seen between 31000 – 31200 on downside & 32000 – 32200 on upside.