EquityPandit’s Outlook for Silver for the week (Oct 16, 2017 – Oct 19, 2017) :
SILVER:
SILVER (40399) closed the week on positive note gaining around 2.00%.
As we have mentioned last week, that resistance for the commodity lies in the zone of 40000 to 40100 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 40700 to 40800 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 40479 and close the week around the levels of 40400.
Support for the commodity lies in the zone of 40000 to 40100 where 200 daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 39600 to 39700 where short term moving averages are lying.
Resistance for the commodity lies in the zone of 40700 to 40800 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41200 to 41300 from where the commodity has sold off.
Broad range for the commodity in the coming week can be seen between 39300 – 39400 on downside & 41200 – 41300 on upside.