EquityPandit’s Outlook for Silver for the week  (Nov 13, 2017 – Nov 17, 2017) :

SILVER:

SILVER closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 39500 to 39600 from where the commodity has broken down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40100 where 200 daily moving averages are lying. During the week the commodity manages to hit a high of 40100 and close the week around the levels of 39507.

Support for the commodity lies in the zone of 39000 to 39100 where medium term moving averages and long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38300 to 38500 from where the commodity has broken out in the month of August-2017.

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 where 200 daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40600 to 40700 where Fibonacci levels and top for the month of October-2017 is lying.

Broad range for the commodity in the coming week can be seen between 38500 – 38600 on downside & 40500 – 40600 on upside.