EquityPandit’s Outlook for Silver for the week  (July 03, 2017 – July 07, 2017) :

SILVER:

SILVER (38344) closed the week on negative note losing around 0.40%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 38800 to 39000. Resistance for the commodity lies in the zone of 39600 to 39700 from where the commodity broke down on weekly basis. If the commodity manages to close above these levels then the commodity can move to the levels of 40600 to 40700 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 38920 and close the week around the levels of 38344.

Minor support for the commodity lies in the zone of 38300 to 38400. Support for the commodity lies in the zone of 37500 to 37700 where the commodity has formed a bottom in the month of May-2017. If the commodity manages to close below these levels then the commodity can witness a free fall and can drift to the levels of 33500 to 34000.

Minor resistance for the commodity lies in the zone of 38800 to 39000. Resistance for the commodity lies in the zone of 39600 to 39700 from where the commodity broke down on weekly basis. If the commodity manages to close above these levels then the commodity can move to the levels of 40600 to 40700 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 37300 – 37500 on downside & 39300 – 39500 on upside.