EquityPandit’s Outlook for Silver for the week  (Mar 12, 2018 – Mar 16, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 39000 to 39100 where short & medium term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39600 from where the commodity has broken down and long term moving averages are lying. During the week the commodity manages to hit a high of 39499 and close the week around the levels of 38950.

Support for the commodity lies in the zone of 38300 to 38400 from where the commodity broke out on intraday basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 37500 to 37600 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 39500 to 39600 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 40200 to 40300 where the commodity has formed a top in the month of January-2018.

Broad range for the commodity in the coming week can be seen between 38000 – 38200 on downside & 40000 – 40200 on upside.