EquityPandit’s Outlook for Silver for the week (February 27, 2017 – March 03, 2017) :

SILVER:

SILVER (43353) closed the week with a positive note gaining around 1.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 42415 and close the week around the levels of 43353.

Minor support for the commodity lies in the zone of around 42800 to 43000. Support for the commodity lies in the zone of 42400 to 42500 where the commodity has taken multiple support on intraday basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 42000 to 42200 where Fibonacci level is lying.

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 42400 – 42500 on downside and 43900 – 44000 on upside.