EquityPandit’s Outlook for Silver for the week  (July 16, 2018 – July 20, 2018) :

SILVER:

SILVER closed the week on negative note losing around 1.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 40000 to 40200 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 40500 to 40600 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 40170 and close the week around the levels of 39046.

Support for the commodity lies in the zone of 38900 to 39000 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38000 to 38200 where the commodity has taken support in the month of April-2018 and May-2018.

Resistance for the commodity lies in the zone of 39500 to 39700 where short; medium and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 38000 – 38200 on downside & 40000 – 40200 on upside.