EquityPandit’s Outlook for Gold for the week  (July 23, 2018 – July 27, 2018) :

GOLD:

GOLD closed the week on negative note losing around 0.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 29900 to 30000 where the commodity has taken multiple support in the month of Februay-2018 & March-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 29600 to 29700 from where the commodity broke out in the month of November-2017. During the week the commodity manages to hit a low of 29638 and close the week around the levels of 29895.

Support for the commodity lies in the zone of 29800 to 30000 where the commodity has taken multiple support in the month of Februay-2018 & March-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 from where the commodity broke out in the month of November-2017.

Resistance for the commodity lies in the zone of 30400 to 30500 from where the commodity broke down from double bottom pattern and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30900 to 31000 from where the commodity broke down and short & medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 29500 – 29500 on downside & 30500 – 30600 on upside.