EquityPandit’s Outlook for Silver for the week (February 13, 2017 – February 17, 2017) :
SILVER (42597) closed the week with a positive note gaining around 1.90%.
Minor support for the commodity lies in the zone of around 42000 to 42200 where Fibonacci levels are lying. Support for the commodity lies in the zone of 41400 to 41500 where the commodity has taken multiple support 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 40600 to 40700 where Fibonacci levels, short term moving averages and short term bottom is lying.
Minor resistance for the commodity lies in the zone of 42700 to 42800. Resistance for the commodity lies in the zone of 43500 to 43700 where Fibonacci levels is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 44400 to 44600 where Fibonacci levels and commodity sold off in the month of November-2016.
It seems the commodity is forming a Inverse Head & Shoulder pattern on daily basis where neck-line for the same lies in the zone of 42700 to 42800 levels. If the commodity manages to close above these levels for couple of days then target for the pattern can be in the range of 46000.
Broad range for the commodity in the coming week can be seen between 41200 – 41400 on downside and 43700 – 43900 on upside.