EquityPandit’s Outlook for Silver for the week  (Aug 20, 2018 – Aug 24, 2018) :

SILVER:

SILVER closed the week on negative note losing around 3.10%.

As we have mentioned last week, that support for the commodity lies in the zone of 37900 to 38100 where the commodity has taken support in the month of April-2018 and May-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 37400 to 37500 where the commodity has taken support in the month of March-2018. During the week the commodity manages to hit a low of 36423 and close the week around the levels of 36778.

Support for the commodity lies in the zone of 36500 to 36600 where the commodity has formed a low in the month of December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 35500 to 35600 where the commodity has formed a low in the month of July-2017.

Resistance for the commodity lies in the zone of 37400 to 37500 from where the commodity has broken down from the February-2018 and March-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of 37900 to 38100 from where the commodity has broken down from April-2018, May-2018 and July-2018 lows.

Broad range for the commodity in the coming week can be seen between 35500 – 35700 on downside & 37300 – 37500 on upside.