EquityPandit’s Outlook for Silver for the week  (Feb 05, 2018 – Feb 09, 2018) :

SILVER:

SILVER closed the week on negative note losing around 3.30%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 39600 to 39700. Support for the commodity lies in the zone of 39200 to 39300 where medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38500 to 38600 where short term moving averages and Fibonacci levels are lying. During the week the commodity manages to hit a low of 38475 and close the week around the levels of 38651.

Support for the commodity lies in the zone of 38500 to 38600 where short term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37900 to 38000 from where the commodity broke out on weekly charts.

Resistance for the commodity lies in the zone of 39000 to 39100 where medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 where highs for the month of November-2017 and January-2018 are lying.

Broad range for the commodity in the coming week can be seen between 37500 – 37600 on downside & 39500 – 39600 on upside.