EquityPandit’s Outlook for Silver for the week  (Aug 14, 2017 – Aug 18, 2017) :

SILVER:

SILVER (39194) closed the week on positive note gaining around 5.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 37000 to 37200 where break out levels for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 35500 to 35600 where the commodity has formed a bottom in the month of July-2017. During the week the commodity manages to hit a low of 36935 and close the week around the levels of 39194.

Support for the commodity lies in the zone of 38800 to 38900 from where the commodity broke out of double top pattern. If the commodity manages to close below these levels then the commodity can drift to the levels of 38100 to 38200 where short term moving averages are lying.

Minor resistance for the commodity lies in the zone of 39300 to 39500. Resistance for the commodity lies in the zone of 40000 to 40200 where 200 daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40600 to 40700 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 38100 – 38200 on downside & 40000 – 40200 on upside.