EquityPandit’s Outlook for Silver for the week  (April 10, 2017 – April 14, 2017) :

SILVER:

SILVER (41379) closed the week on negative note losing around 2.20%.

As we have mentioned last week that minor support for the commodity lies in the zone of around 41800 to 41900. Support for the commodity lies in the zone of 41500 to 41600 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 41000 to 41200 from where the commodity broke out after consolidation. During the week the commodity manages to hit a low of 41128 and close the week around the levels of 41379.

Support for the commodity lies in the zone of 41000 to 41200 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 40700 to 40800 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 41500 to 41600. Resistance for the commodity lies in the zone of 42200 to 42300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 43000 to 43100 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 40500 – 40600 on downside & 42000 – 42100 on upside.