EquityPandit’s Outlook for Silver for the week  (Aug 07, 2017 – Aug 11, 2017) :

SILVER:

SILVER (37262) closed the week on negative note losing around 3.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 38500 to 38600 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38800 to 39000 from where the commodity has sold off. During the week the commodity manages to hit a high of 38820 and close the week around the levels of 37262.

Support for the commodity lies in the zone of 37000 to 37200 where break out levels for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 35500 to 35600 where the commodity has formed a bottom in the month of July-2017.

Resistance for the commodity lies in the zone of 37500 to 37700 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38500 to 38600 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 35500 – 35600 on downside & 38500 – 38600 on upside.