EquityPandit’s Outlook for Silver for the week  (Jan 28, 2019 – Feb 1, 2019) :

SILVER:

SILVER closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 38800 to 39000 where high for the month of November-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38200 to 38400 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a low of 38733 and close the week around the levels of 39670.

Minor support for the commodity lies around 39400 to 39500. Support for the commodity lies in the zone of 38800 to 39000 where high for the month of November-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38200 to 38400 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 40000 to 40100 where high for the month of July-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40400 to 40600 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 38700 – 38900 on downside & 40300 – 40500 on upside.