EquityPandit’s Outlook for Silver for the week  (June 05, 2017 – June 09, 2017) :

SILVER:

SILVER (40274) closed the week on positive note gaining around 0.50%.

As we have mentioned last week that minor support for the commodity lies in the zone of 39700 to 39900. Support for the commodity lies in the zone of 39300 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 38800 to 39000. During the week the commodity manages to hit a low of 39333 and close the week around the levels of 40274.

Minor support for the commodity lies in the zone of 39800 to 39900. Support for the commodity lies in the zone of 39300 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 38800 to 39000.

Resistance for the commodity lies in the zone of 40600 to 40700 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41100 to 41200 where medium term moving averages are lying. Above these levels the commodity can move to the levels of 41700 to 41800 where 200 daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 39100 – 39200 on downside & 41000 – 41200 on upside.