EquityPandit’s Outlook for Silver for the week  (Jan 29, 2018 – Feb 02, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 38500 to 38600 where short term moving averages and Fibonacci levels 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. During the week the commodity manages to hit a low of 38402 and close the week around the levels of 39960.

Minor support for the commodity lies in the zone of 39600 to 39700. Support for the commodity lies in the zone of 39200 to 39300 where medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38500 to 38600 where short term moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 40000 to 40200 where highs for the month of November-2017 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 level is lying.

Broad range for the commodity in the coming week can be seen between 39000 – 39200 on downside & 40800 – 40900 on upside.