EquityPandit’s Outlook for Silver for the week  (Mar 05, 2019 – Mar 08, 2019) :

SILVER:

SILVER closed the week on negative note losing around 4.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 41010 and close the week around the levels of 39063.

Minor support for the commodity lies around 39000 to 39100. Support for the commodity lies in the zone of 38500 to 38700 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38000 to 38200 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 39400 to 39600 where Fibonacci levels and long 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 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 38000 – 38200 on downside & 40000 – 40200 on upside.