EquityPandit’s Outlook for Silver for the week (March 06, 2017 – March 10, 2017) :

SILVER:

SILVER (42942) closed the week with a negative note losing around 1.00%.

As we have mentioned last week that minor support for the commodity lies in the zone of around 42800 to 43000. Support for the commodity lies in the zone of 42400 to 42500 where the commodity has taken multiple support on intraday basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 42000 to 42200 where Fibonacci level is lying. During the week the commodity manages to hit a low of 42069 and close the week around the levels of 42942.

Minor support for the commodity lies in the zone of around 42700 to 42800. Support for the commodity lies in the zone of 42400 to 42500 where the commodity has taken multiple support on intraday basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 42000 to 42200 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 43000 to 43100. Resistance for the commodity lies in the zone of 43500 to 43700 where Fibonacci levels is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 44400 to 44600 where Fibonacci levels and commodity sold off in the month of November-2016.

Broad range for the commodity in the coming week can be seen between 42000 – 42100 on downside & 43900 – 44000 on upside.