EquityPandit’s Outlook for Silver for the week  (July 24, 2017 – July 28, 2017) :

SILVER:

SILVER (38150) closed the week on positive note gaining around 3.20%.

As we have mentioned last week that resistance for the commodity lies in the zone of 36800 to 37000. If the commodity manages to close above these levels then the commodity can move to the levels of 37500 to 37700 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 38170 and close the week around the levels of 38150.

Minor support for the commodity lies in the zone of 37950 to 38000. Support for the commodity lies in the zone of 37500 to 37700 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37000 to 37200 where break out levels for the commodity is lying.

Resistance for the commodity lies in the zone of 38500 to 38600 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38800 to 39000 from where the commodity has sold off.

Broad range for the commodity in the coming week can be seen between 37000 – 37200 on downside & 38800 – 39000 on upside.