EquityPandit’s Outlook for Silver for the week  (Oct 08, 2018 – Oct 12, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 38055 and close the week around the levels of 39274.

Support for the commodity lies in the zone of 38600 to 38800 from where the commodity broke out of September-2018 high and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38100 to 38200 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 39400 to 39500 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 where high for the month of July-2018 is lying.

Broad range for the commodity in the coming week can be seen between 38500 – 38700 on downside & 40000 – 40200 on upside.