EquityPandit’s Outlook for Silver for the week  (Mar 05, 2018 – Mar 09, 2018) :

SILVER:

SILVER closed the week on absolutely flat note.

As we have mentioned last week, that support for the commodity lies in the zone of 38300 to 38400 from where the commodity broke out on intraday basis and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37500 to 37600 where the commodity has formed a short term bottom. During the week the commodity manages to hit a low of 38289 and close the week around the levels of 38848.

Support for the commodity lies in the zone of 38300 to 38400 from where the commodity broke out on intraday basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 37500 to 37600 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 39000 to 39100 where short & medium term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39600 from where the commodity has broken down and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 37500 – 37600 on downside & 39700 – 39800 on upside.