EquityPandit’s Outlook for Silver for the week  (Oct 03, 2017 – Oct 06, 2017) :

SILVER:

SILVER (39457) closed the week on negative note losing around 0.70%.

As we have mentioned last week that support for the commodity lies in the zone of 39100 to 39200 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38300 to 38400 where break out levels for the commodity is lying. During the week the commodity manages to hit a low of 39309 and close the week around the levels of 39457.

Support for the commodity lies in the zone of 39100 to 39300 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38300 to 38400 where break out levels for the commodity is lying.

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 40700 to 40800 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 38300 – 38400 on downside & 40500 – 40700 on upside.