EquityPandit’s Outlook for Gold for the week  (Oct 22, 2018 – Oct 26, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 0.20%.

As we have mentioned last week, that support 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 below these levels then the commodity can drift to the levels of 31100 to 31200 from where the commodity broke out of September-2018 high and Fibonacci levels are lying. During the week the commodity manages to hit a low of 31783 and close the week around the levels of 31902.

Support 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 below these levels then the commodity can drift to the levels of 31100 to 31200 from where the commodity broke out of September-2018 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 32000 to 32200 from where the commodity has broken down in the month of August-2016. If the commodity manages to close above these levels then the commodity can move to the levels of 32800 to 33000 where the commodity has formed a high in the month of July-2016.

Broad range for the commodity in the coming week can be seen between 31300 – 31500 on downside & 32300 – 32500 on upside.