EquityPandit’s Outlook for Silver for the week  (May 22, 2017 – May 26, 2017) :

SILVER:

SILVER (39111) closed the week on positive note gaining around 2.50%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 38300 to 38500. Resistance for the commodity lies in the zone of 39000 to 39300 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 39800 to 40000 from where the commodity broke down from major support. During the week the commodity manages to hit a high of 39375 and close the week around the levels of 39111.

Support for the commodity lies in the zone of 38300 to 38500 where trend-line support for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37700 to 37800 where long term Fibonacci level is lying.

Resistance for the commodity lies in the zone of 39000 to 39300 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 39800 to 40000 from where the commodity broke down from major support.

Broad range for the commodity in the coming week can be seen between 38100 – 38200 on downside & 40000 – 40200 on upside.