EquityPandit’s Outlook for Silver for the week  (Dec 18, 2017 – Dec 22, 2017) :

SILVER:

SILVER closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 37500 to 37700 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 38100 from where the commodity has broken down. During the week the commodity manages to hit a high of 37548 and close the week around the levels of 37205.

Support for the commodity lies in the zone of 36900 to 37000 where the commodity has taken support in the month of August-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 35400 to 35500 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 Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38000 to 38100 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 35400 – 35500 on downside & 38600 – 38700 on upside.