EquityPandit’s Outlook for Silver for the week  (April 17, 2017 – April 21, 2017) :

SILVER:

SILVER (42571) closed the week on positive note gaining around 2.90%.

As we have mentioned last week that support for the commodity lies in the zone of 41000 to 41200 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 40700 to 40800 where Fibonacci level is lying. During the week the commodity manages to hit a low of 41006 and close the week around the levels of 42571.

Support for the commodity lies in the zone of 42200 to 42300 where Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 41400 to 41500 where medium term moving averages are lying.

Resistance for the commodity lies in the zone of 43000 to 43100 where 200 Daily MA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 43400 to 43600 where Fibonacci level and high of the month of February-2017 is lying.

Broad range for the commodity in the coming week can be seen between 41400 – 41500 on downside & 43500 – 43600 on upside.