EquityPandit’s Outlook for Silver for the week  (Dec 17, 2018 – Dec 21, 2018) :

SILVER:

SILVER closed the week on positive note gaining around 0.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 38660 and close the week around the levels of 38010.

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 37000 – 37200 on downside & 38700 – 39000 on upside.