EquityPandit’s Outlook for Silver for the week  (Oct 30, 2017 – Nov 03, 2017) :

SILVER:

SILVER closed the week on negative note losing around 1.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 40040 and close the week around the levels of 39149.

Support for the commodity lies in the zone of 39000 to 39100 where medium term moving averages and long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38300 to 38500 from where the commodity has broken out in the month of August-2017.

Resistance for the commodity lies in the zone of 39500 to 39600 from where the commodity has broken down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40100 where 200 daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 38300 – 38400 on downside & 40000 – 40100 on upside.