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Gold Weekly Outlook

Gold traded in narrow range for the week and settled with a nominal decline of 121 rupees at 29705. Current picture remains bearish in gold. Price objective for gold bears is now placed at 29600 any sustained move below this level gold may hit down towards 29300-29000 zones. Areas of 29000 are expected to remain good support and any failure below this level it may retest to 28700-28300 zones.

Resistance is now seen near weekly high at 30265 and then at 31200 any sustained move above 31200 would bring charm back in gold and then we may see an attempt towards 31700-32200 zones.

Trading range for the week is expected among the key support at 29600 and resistance at 30300.

Recommendation:

  • Buying gold above 30300 with stop loss below 30000 for targeting 30600-30900 and more upside might be appropriate.
  • In alternative scenario selling gold below 29600 with stop loss above 29850 for targeting 29300-29000 and more down side might be appropriate.

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