EquityPandit’s Outlook for Silver for the week  (Dec 03, 2018 – Dec 07, 2018) :

SILVER:

SILVER closed the week on negative note losing around 2.50%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 36500 to 36600. Resistance for the commodity lies in the zone of 37200 to 37400 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38000 to 38200 from where the commodity broke down from October-2018 low and Fibonacci levels are lying. During the week the commodity manages to hit a high of 36444 and close the week around the levels of 35155.

The commodity has broken down from support zone on Monthly chart. Support for the commodity lies in the zone of 34800 to 35000. If the commodity manages to close below these levels then the commodity can drift to the levels of 32900 to 33100 where the commodity has taken multiple supports in the year 2014 and 2015.

Resistance for the commodity lies in the zone of 35400 to 35600 from where the commodity broke down from July-2017 lows. If the commodity manages to close above these levels then the commodity can move to the levels of 36000 to 36200 from where the commodity broke down from September-2018 lows.

Broad range for the commodity in the coming week can be seen between 34000 – 34200 on downside & 36000 – 36200 on upside.