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

SILVER:

SILVER closed the week on negative note losing around 0.20%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 38600 to 38650. Resistance for the commodity lies in the zone of 38900 to 39000 where long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39600 from where the commodity has broken down. During the week the commodity manages to hit a high of 38847 and close the week around the levels of 38235.

Support for the commodity lies in the zone of 38000 to 38100 where the commodity has formed a short term bottom. If the commodity manages to close below these levels then the commodity can drift to the levels of 37500 to 37600 where the commodity has formed a double bottom in the month of February-2018 and March-2018.

Minor resistance for the commodity lies in the zone of 38400 to 38500. Resistance for the commodity lies in the zone of 38900 to 39000 where long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39600 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 37500 – 37700 on downside & 39000 – 39200 on upside.