EquityPandit’s Outlook for Silver for the week  (Sep 24, 2018 – Sep 28, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 37400 to 37500 from where the commodity has broken down from the February-2018 and March-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of 37900 to 38100 from where the commodity has broken down from April-2018, May-2018 and July-2018 lows. During the week the commodity manages to hit a high of 37845 and close the week around the levels of 37582.

Minor support for the commodity lies in the zone of 37000 to 37200. Support for the commodity lies in the zone of 36500 to 36600 where the commodity has formed a low in the month of December-2017 and August-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 35500 to 35600 where the commodity has formed a low in the month of July-2017.

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.

Broad range for the commodity in the coming week can be seen between 36500 – 36700 on downside & 38300 – 38500 on upside.