EquityPandit’s Outlook for Silver for the week  (April 24, 2017 – April 28, 2017) :

SILVER:

SILVER (41289) closed the week on negative note losing around 3.00%.

As we have mentioned last week that resistance for the commodity lies in the zone of 43000 to 43100 where 200 Daily MA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 43400 to 43600 where Fibonacci level and high of the month of February-2017 is lying. During the week the commodity manages to hit a high of 42750 and close the week around the levels of 41289.

Support for the commodity lies in the zone of 40750 to 40900 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 40100 to 40300 where the commodity has opened gap up.

Minor resistance for the commodity lies in the zone of 41600 to 41800. Resistance for the commodity lies in the zone of 42150 to 42250 where short term moving average and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 42800 to 42900 where the commodity is facing resistance and 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 40000 – 40200 on downside & 42200 – 42400 on upside.