EquityPandit’s Outlook for Silver for the week  (July 17, 2017 – July 21, 2017) :

SILVER:

SILVER (36970) closed the week on positive note gaining around 2.00%.

As we have mentioned last week that support for the commodity lies in the zone of 35500 to 35700 where the commodity has formed a bottom in the month of April-2016. 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. During the week the commodity manages to hit a low of 35460 and close the week around the levels of 36970.

Minor support for the commodity lies in the zone of 36200 to 36400. Support for the commodity lies in the zone of 35500 to 35700 where the commodity has formed a bottom in the month of April-2016. 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.

Resistance for the commodity lies in the zone of 36800 to 37000. If the commodity manages to close above these levels then the commodity can move to the levels of 37500 to 37700 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 35500 – 35700 on downside & 37800 – 38000 on upside.