EquityPandit’s Outlook for Silver for the week  (June 04, 2018 – June 08, 2018) :

SILVER:

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

As we have mentioned last week, that minor support for the commodity lies in the zone of 40000 to 40100. Support for the commodity lies in the zone of 39400 to 39500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where short, medium & long term moving averages and Fibonacci levels are lying. During the week the commodity manages to hit a low of 39482 and close the week around the levels of 39537.

Support for the commodity lies in the zone of 39400 to 39500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where short, medium & long term moving averages and Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 40000 to 40100. Resistance for the commodity lies in the zone of 40600 to 40800 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41000 to 41200.

Broad range for the commodity in the coming week can be seen between 38500 – 38700 on downside & 40500 – 40700 on upside.