EquityPandit’s Outlook for Silver for the week  (Apr 16, 2018 – Apr 20, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 39459 and close the week around the levels of 38927.

Minor support for the commodity lies in the zone of 38500 to 38600. 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.

Resistance for the commodity lies in the zone of 39500 to 39600 from where the commodity has broken down and high for the month of March-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 where the commodity has formed a high in the month of January-2018.

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