EquityPandit’s Outlook for Silver for the week  (Feb 18, 2019 – Feb 22, 2019) :

SILVER:

SILVER closed the week on negative note losing around 0.40%.

As we have mentioned last week, that minor support for the commodity lies around 39900 to 40000. Support for the commodity lies in the zone of 39500 to 39700 where Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38800 to 39000 where high for the month of November-2018 is lying. During the week the commodity manages to hit a low of 39256 and close the week around the levels of 40052.

Support for the commodity lies in the zone of 39500 to 39700 where Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39200 where Fibonacci levels and short term moving averages are lying.

Minor resistance for the commodity lies around 40200 to 40400. Resistance for the commodity lies in the zone of 40800 to 41000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41500 to 41700 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 39300 – 39500 on downside & 40800 – 41000 on upside.