EquityPandit’s Outlook for Gold for the week  (Sep 24, 2018 – Sep 28, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 30450 to 30550 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 30928 and close the week around the levels of 30582.

Minor support for the commodity lies around 30200 to 30300. 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 30450 to 30550 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 30000 – 30100 on downside & 30800 – 30900 on upside.