EquityPandit’s Outlook for Silver for the week  (April 03, 2017 – April 07, 2017) :

SILVER:

SILVER (42326) closed the week on a positive note gaining around 1.90%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 41700 to 41800. Resistance for the commodity lies in the zone of 42200 to 42300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 43000 to 43100 where 200 Daily SMA is lying. During the week the commodity manages to hit a high of 42440 and close the week around the levels of 42326.

Minor support for the commodity lies in the zone of around 41800 to 41900. Support for the commodity lies in the zone of 41500 to 41600 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 41000 to 41200 from where the commodity broke out after consolidation.

Resistance for the commodity lies in the zone of 42200 to 42300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 43000 to 43100 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 41000 – 41200 on downside & 43000 – 43200 on upside.