EquityPandit’s Outlook for Silver for the week  (May 01, 2017 – May 05, 2017) :

SILVER:

SILVER (39503) closed the week on negative note losing around 4.30%.

As we have mentioned last week that support for the commodity lies in the zone of 40750 to 40900 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 40100 to 40300 where the commodity has opened gap up. During the week the stock manages to hit a low of 39400 and close the week around the levels of 39503.

Support for the commodity lies in the zone of 39100 to 39200 where weekly moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 38300 to 38500 where the commodity has formed a bottom in the month of December-2016.

Minor resistance for the commodity lies in the zone of 39800 to 40000. Resistance for the commodity lies in the zone of 40500 to 40700 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41300 to 41500 where medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 38000 – 38300 on downside & 40700 – 40900 on upside.