EquityPandit’s Outlook for Silver for the week  (June 12, 2017 – June 16, 2017) :

SILVER:

SILVER (39694) closed the week on negative note losing 1.50%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 40842 and close the week around the levels of 39694.

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 where break out levels for the commodity is lying. Below these levels the commodity can drift to the levels of 38400 to 38500.

Minor resistance for the commodity lies in the zone of 39900 to 40000. 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.

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