EquityPandit’s Outlook for Silver for the week  (July 31, 2017 – Aug 04, 2017) :

SILVER:

SILVER (38460) closed the week on positive note gaining around 0.80%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 37950 to 38000. Support for the commodity lies in the zone of 37500 to 37700 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37000 to 37200 where break out levels for the commodity is lying. During the week the commodity manages to hit a low of 37652 and close the week around the levels of 38460.

Minor support for the commodity lies in the zone of 37950 to 38000. Support for the commodity lies in the zone of 37500 to 37700 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37000 to 37200 where break out levels for the commodity is lying.

Resistance for the commodity lies in the zone of 38500 to 38600 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38800 to 39000 from where the commodity has sold off.

Broad range for the commodity in the coming week can be seen between 37500 – 37700 on downside & 39300 – 39500 on upside.