EquityPandit’s Outlook for Silver for the week  (Feb 19, 2018 – Feb 23, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 2.90%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 38870 and close the week around the levels of 38665.

Support for the commodity lies in the zone of 38300 to 38400 from where the commodity broke out on intraday basis and short 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 37600 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 39000 to 39100 where long term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39600 from where the commodity broke down.

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