EquityPandit’s Outlook for Silver for the week  (May 14, 2018 – May 18, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 39500 to 39600. Resistance for the commodity lies in the zone of 40000 to 40100 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 40600 to 40800 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 40710 and close the week around the levels of 40541.

Minor resistance for the commodity lies in the zone of 40000 to 40100. Support for the commodity lies in the zone of 39400 to 39500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where short, medium & long term moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 40600 to 40800 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41000 to 41200. If the commodity manages to close above these levels then the commodity can move to the levels of 41900 to 42000 where the commodity has formed a top in the month of September-2017.

Broad range for the commodity in the coming week can be seen between 39500 – 39700 on downside & 41500 – 41700 on upside.