EquityPandit’s Outlook for Silver for the week  (Apr 23, 2018 – Apr 27, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 39500 to 39600 from where the commodity has broken down and high for the month of March-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40200 where the commodity has formed a high in the month of January-2018. During the week the commodity manages to hit a high of 40770 and close the week around the levels of 40479.

Minor support for the commodity lies in the zone of 40000 to 40100. Support for the commodity lies in the zone of 39500 to 39600 from where the commodity broke out of March-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where long term moving averages are lying.

Resistance for the commodity lies in the zone of 40800 to 41000 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 42000 to 42200 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 39000 – 39200 on downside & 42000 – 42200 on upside.