EquityPandit’s Outlook for Silver for the week  (May 08, 2017 – May 12, 2017) :

SILVER:

SILVER (38305) closed the week on negative note losing around 3.00%.

As we have mentioned last week that support for the commodity lies in the zone of 39100 to 39200 where weekly moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 38300 to 38500 where the commodity has formed a bottom in the month of December-2016. During the week the commodity manages to hit a low of 37504 and close the week around the levels of 38305.

Support for the commodity lies in the zone of 38300 to 38500 where the commodity has formed a bottom in the month of December-2016 and long term Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can witness a freefall and can drift to the levels of 35400 to 35500.

Resistance for the commodity lies in the zone of 39000 to 39300 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 39800 to 40000 from where the commodity broke down from major support.

Broad range for the commodity in the coming week can be seen between 36100 – 36300 on downside & 40000 – 40200 on upside.