EquityPandit’s Outlook for Silver for the week  (Oct 01, 2018 – Oct 05, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 37800 to 38000 from where the commodity has broken down from April-2018, May-2018 and July-2018 lows. If the commodity manages to close above these levels then the commodity can move to the levels of 38400 to 38500 where long term moving averages and break down levels are lying. During the week the commodity manages to hit a high of 38634 and close the week around the levels of 38577.

Support for the commodity lies in the zone of 38000 to 38100 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 37300 to 37400 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 38600 to 38700 where long term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39100 to 39300 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 37500 – 37700 on downside & 39300 – 39500 on upside.