EquityPandit’s Outlook for Silver for the week  (Dec 10, 2018 – Dec 14, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 5.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 35400 to 35600 from where the commodity broke down from July-2017 lows. If the commodity manages to close above these levels then the commodity can move to the levels of 36000 to 36200 from where the commodity broke down from September-2018 lows. During the week the commodity manages to hit a high of 38000 and close the week around the levels of 37972.

Support for the commodity lies in the zone of 37300 to 37500 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 36700 to 36900 where Fibonacci levels and break out levels are lying.

Resistance for the commodity lies in the zone of 38000 to 38200 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38500 to 38700 where Fibonacci levels and medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 36700 – 36900 on downside & 38700 – 39000 on upside.