EquityPandit’s Outlook for Silver for the week  (Aug 27, 2018 – Aug 31, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 36535 and close the week around the levels of 36980.

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 36200 – 36400 on downside & 37500 – 37700 on upside.