EquityPandit’s Outlook for Silver for the week  (Feb 12, 2018 – Feb 16, 2018) :

SILVER:

SILVER closed the week on negative note losing around 2.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 39114 and close the week around the levels of 37578.

Support for the commodity lies in the zone of 37300 to 37400 from where the commodity broke out on weekly charts. If the commodity manages to close below these levels then the commodity can drift to the levels of 36700 to 36800 where the commodity has formed a bottom in the month of December-2017.

Resistance for the commodity lies in the zone of 38400 to 38500 from where the commodity broke down from January-2018 lows and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39000 to 39100 where long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 36500 – 36600 on downside & 39000 – 39100 on upside.