EquityPandit’s Outlook for Silver for the week  (May 07, 2018 – May 11, 2018) :

SILVER:

SILVER closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 39000 to 39100 where long 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 38400 to 38500 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 38005 and close the week around the levels of 38898.

Support for the commodity lies in the zone of 38800 to 39000 where short, medium & long 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 37900 to 38000 where the commodity has formed a low in the month of April-2018.

Minor resistance for the commodity lies in the zone of 39500 to 39600. Resistance for the commodity lies in the zone of 40000 to 40100 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 40600 to 40800 where Fibonacci levels are lying.

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