EquityPandit’s Outlook for Silver for the week  (Nov 20, 2017 – Nov 24, 2017) :

SILVER:

SILVER closed the week on positive note gaining around 1.30%.

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 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. During the week the commodity manages to hit a high of 40208 and close the week around the levels of 40013.

Support for the commodity lies in the zone of 39700 to 39800 where long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where medium term moving averages and long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 40650 to 40750 where Fibonacci levels and top for the month of October-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41300 to 41500 from where the commodity has sold off in the month of September-2017.

Broad range for the commodity in the coming week can be seen between 39000 – 39100 on downside & 41500 – 41600 on upside.