EquityPandit’s Outlook for Silver for the week (March 13, 2017 – March 17, 2017) :

SILVER:

SILVER (40528) closed the week with a negative note losing around 5.60%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 42799 and sold off to close the week around the levels of 40528.

Minor support for the commodity lies in the zone of around 40300 to 40400. Support for the commodity lies in the zone of 39900 to 39950 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 38300 to 38400 where the commodity has formed a bottom in the month of December-2016.

Minor resistance for the commodity lies in the zone of 40700 to 40800. Resistance for the commodity lies in the zone of 41500 to 41700 where short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 42000 to 42200 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 38800 – 38900 on downside & 41800 – 42000 on upside.