EquityPandit’s Outlook for Silver for the week  (Dec 04, 2017 – Dec 08, 2017) :

SILVER:

SILVER closed the week on negative note losing around 4.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 39000 to 39100 where medium term moving averages and long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38600 to 38700 where the commodity has formed a low in the month of October-2017. During the week the commodity manages to hit a low of 37300 and close the week around the levels of 37582.

Support for the commodity lies in the zone of 36900 to 37000 where the commodity has taken support in the month of August-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 35400 to 35500 where the commodity has formed a bottom in the month of July-2017.

Resistance for the commodity lies in the zone of 38000 to 38100 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 38600 to 38700 from where the commodity has broken down from double bottom pattern.

Broad range for the commodity in the coming week can be seen between 35400 – 35500 on downside & 38600 – 38700 on upside.