EquityPandit’s Outlook for Silver for the week (March 27, 2017 – March 31, 2017) :

SILVER:

SILVER (41530) closed the week on a positive note gaining around 1.50%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 41618 and close the week around the levels of 41530.

Minor support for the commodity lies in the zone of around 41100 to 41200. Support for the commodity lies in the zone of 40700 to 40800 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 40200 to 40400 where the commodity has opened gap up on 16/03/2017.

Minor resistance for the commodity lies in the zone of 41700 to 41800. Resistance for the commodity lies in the zone of 42200 to 42300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 43000 to 43100 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 40000 – 40100 on downside & 42800 – 43000 on upside.