EquityPandit’s Outlook for Silver for the week  ( Jan 01, 2018 – Jan 05, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 3.40%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 39313 and close the week around the levels of 39237.

Support for the commodity lies in the zone of 38700 to 38800 where short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38000 to 38100 where break out levels are lying.

Resistance for the commodity lies in the zone of 39300 to 39400 where medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 where highs for the month of November-2017 are lying.

Broad range for the commodity in the coming week can be seen between 38000 – 38200 on downside & 40000 – 40200 on upside.