EquityPandit’s Outlook for Silver for the week  (May 28, 2018 – June 01, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 0.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 40600 to 40800 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41000 to 41200. If the commodity manages to close above these levels then the commodity can move to the levels of 41900 to 42000 where the commodity has formed a top in the month of September-2017. During the week the commodity manages to hit a high of 40916 and close the week around the levels of 40267.

Minor support for the commodity lies in the zone of 40000 to 40100. Support for the commodity lies in the zone of 39400 to 39500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where short, medium & long term moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 40600 to 40800 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41000 to 41200. If the commodity manages to close above these levels then the commodity can move to the levels of 41900 to 42000 where the commodity has formed a top in the month of September-2017.

Broad range for the commodity in the coming week can be seen between 39000 – 39200 on downside & 41000 – 41200 on upside.