EquityPandit’s Outlook for Gold for the week  (Sep 03, 2018 – Sep 07, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 0.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 29900 to 30000 from where the commodity has broken down and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30400 from where the commodity has broken down from June-2018 low and long term moving averages are lying. During the week the commodity manages to hit a high of 30359 and close the week around the levels of 30133.

Support for the commodity lies in the zone of 29900 to 30000 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where break out levels and trend-line support for the commodity is lying.

Resistance for the commodity lies in the zone of 30400 to 30500 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.

Broad range for the commodity in the coming week can be seen between 29600 – 29700 on downside & 30700 – 30800 on upside.