EquityPandit’s Outlook for Silver for the week  (May 29, 2017 – June 02, 2017) :

SILVER:

SILVER (40091) closed the week on positive note gaining around 2.50%.

As we have mentioned last week that 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 40195 and close the week around the levels of 40091.

Minor support for the commodity lies in the zone of 39700 to 39900. Support for the commodity lies in the zone of 39300 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 38800 to 39000.

Resistance for the commodity lies in the zone of 40500 to 40700 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41100 to 41300 where medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 39100 – 39200 on downside & 41000 – 41200 on upside.