EquityPandit’s Outlook for Silver for the week  (July 02, 2018 – July 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 39400 to 39500 from where the commodity broke out and 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 38900 to 39000 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 38970 and close the week around the levels of 39247.

Support for the commodity lies in the zone of 38900 to 39000 where 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.

Resistance for the commodity lies in the zone of 39500 to 39700 where short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 from where the commodity broke down.

Broad range for the commodity in the coming week can be seen between 38400 – 38500 on downside & 40000 – 40200 on upside.