EquityPandit’s Outlook for Silver for the week  (July 09, 2018 – July 13, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 38560 and close the week around the levels of 39766.

Support for the commodity lies in the zone of 39500 to 39700 where short; medium and 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.

Resistance for the commodity lies in the zone of 40000 to 40200 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 40500 to 40600 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 38500 – 38700 on downside & 40500 – 40700 on upside.