EquityPandit’s Outlook for Silver for the week (March 20, 2017 – March 24, 2017) :

SILVER:

SILVER (40909) closed the week on a positive note gaining around 1.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 39808 and close the week around the levels of 40909.

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 40100 to 40200. 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 39800 – 40000 on downside & 41800 – 42000 on upside.