EquityPandit’s Outlook for Silver for the week  (Jan 07, 2019 – Jan 11, 2019) :

SILVER:

SILVER closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 38800 to 39000 where high for the month of November-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 39500 to 39700 where the commodity has formed a high in the month of October-2018. During the week the commodity manages to hit a high of 39670 and close the week around the levels of 39201.

Support for the commodity lies in the zone of 38800 to 39000 where high for the month of November-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38200 to 38400 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 39500 to 39700 where the commodity has formed a high in the month of October-2018 and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40000 to 40100 where high for the month of July-2018 is lying.

Broad range for the commodity in the coming week can be seen between 38000 – 38200 on downside & 40000 – 40200 on upside.