EquityPandit’s Outlook for Silver for the week  (Dec 31, 2018 – Jan 04, 2019) :

SILVER:

SILVER closed the week on positive note gaining around 3.90%.

As we have mentioned last week, that support for the commodity lies in the zone of 37000 to 37200 where Fibonacci levels and Gap are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 36500 to 36700 where Fibonacci levels and break out levels are lying. During the week the commodity manages to hit a low of 37305 and close the week around the levels of 38706.

Support for the commodity lies in the zone of 38200 to 38400 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37500 to 37700 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 38800 to 39000 where high for the month of November-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39700 where the commodity has formed a high in the month of October-2018.

Broad range for the commodity in the coming week can be seen between 37500 – 37700 on downside & 39500 – 39700 on upside.