EquityPandit’s Outlook for Silver for the week  (Dec 24, 2018 – Dec 28, 2018) :

SILVER:

SILVER closed the week on negative note losing around 2.10%.

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 38208 and close the week around the levels of 37277.

Support for the commodity lies in the zone of 37000 to 37200 where Fibonacci levels and Gap are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 36500 to 36700 where Fibonacci levels and break out levels are lying.

Minor resistance for the commodity lies in the zone of 37600 to 37700. Resistance for the commodity lies in the zone of 38000 to 38200 where Fibonacci levels and long 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 the commodity has formed a short term top.

Broad range for the commodity in the coming week can be seen between 36400 – 36600 on downside & 38200 – 38400 on upside.