EquityPandit’s Outlook for Silver for the week  (Feb 25, 2019 – Mar 01, 2019) :

SILVER:

SILVER closed the week on positive note gaining around 0.80%.

As we have mentioned last week, that minor resistance for the commodity lies around 40200 to 40400. Resistance for the commodity lies in the zone of 40800 to 41000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41500 to 41700 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 40993 and close the week around the levels of 40280.

Minor support for the commodity lies around 40000 to 40100. Support for the commodity lies in the zone of 39500 to 39700 where Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39200 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the commodity lies around 40400 to 40500. Resistance for the commodity lies in the zone of 40800 to 41000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41500 to 41700 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 39500 – 39700 on downside & 41000 – 41200 on upside.