EquityPandit’s Outlook for Silver for the week  (July 30, 2018 – Aug 03, 2018) :

SILVER:

SILVER closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 37900 to 38100 where the commodity has taken support in the month of April-2018 and May-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 37400 to 37500 where the commodity has taken support in the month of March-2018. During the week the commodity manages to hit a low of 38003 and close the week around the levels of 38326.

Support for the commodity lies in the zone of 37900 to 38100 where the commodity has taken support in the month of April-2018 and May-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 37400 to 37500 where the commodity has taken support in the month of March-2018.

Resistance for the commodity lies in the zone of 38800 to 39000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39700 where short; medium and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 37500 – 37700 on downside & 39500 – 39700 on upside.