EquityPandit’s Outlook for Silver for the week  (Oct 23, 2017 – Oct 27, 2017) :

SILVER:

SILVER closed the week on negative note losing around 1.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 40700 to 40800 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41200 to 41300 from where the commodity has sold off. During the week the commodity manages to hit a high of 40632 and close the week around the levels of 39877.

Support for the commodity lies in the zone of 39600 to 39700 where break out levels 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 are 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 39000 – 39100 on downside & 40500 – 40600 on upside.