EquityPandit’s Outlook for Silver for the week (February 20, 2017 – February 24, 2017) :

SILVER:

SILVER (42937) closed the week with a positive note gaining around 0.80%.

As we have mentioned last week that minor support for the commodity lies in the zone of around 42000 to 42200 where Fibonacci levels are lying. Support for the commodity lies in the zone of 41400 to 41500 where the commodity has taken multiple support and medium term moving averages are lying. During the week the commodity manages to hit a low of 42222 and close the week around the levels of 42937.

Minor support for the commodity lies in the zone of around 42400 to 42500. Support for the commodity lies in the zone of 42000 to 42200 from where the commodity broke out and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 41200 to 41300 where the commodity has taken multiple support and medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 43000 to 43100. Resistance for the commodity lies in the zone of 43500 to 43700 where Fibonacci levels is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 44400 to 44600 where Fibonacci levels and commodity sold off in the month of November-2016.

Broad range for the commodity in the coming week can be seen between 42100 – 42200 on downside and 43800 – 43900 on upside.