EquityPandit’s Outlook for Silver for the week  (Dec 26, 2017 – Dec 29, 2017) :

SILVER:

SILVER 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 37500 to 37700 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38000 to 38100 from where the commodity has broken down. During the week the commodity manages to hit a high of 38058 and close the week around the levels of 37954.

Support for the commodity lies in the zone of 37500 to 37700 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 36900 to 37000 where the commodity has taken support in the month of August-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 and short term moving averages are lying.

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