EquityPandit’s Outlook for Silver for the week  (Apr 02, 2018 – Apr 06, 2018) :

SILVER:

SILVER closed the week on negative note losing around 1.40%.

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. 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 38180 and close the week around the levels of 38322.

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.

Minor resistance for the commodity lies in the zone of 38600 to 38650. Resistance for the commodity lies in the zone of 38900 to 39000 where long term moving averages 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.

Broad range for the commodity in the coming week can be seen between 37500 – 37700 on downside & 39300 – 39500 on upside.