EquityPandit’s Outlook for Silver for the week  (Nov 12, 2018 – Nov 16, 2018) :

SILVER:

SILVER closed the week on negative note losing around 4.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 38600 to 38800 from where the commodity broke out of September-2018 high and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38100 to 38200 where Fibonacci levels and medium term moving averages are lying. During the week the commodity manages to hit a low of 36689 and close the week around the levels of 36870.

Support for the commodity lies in the zone of 36000 to 36200 where the commodity has taken support in the month of September-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 35400 to 35600 where the commodity has taken support in the month of July-2017.

Resistance for the commodity lies in the zone of 37200 to 37400 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 38000 to 38200 from where the commodity broke down from October-2018 low and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 35800 – 36000 on downside & 37500 – 37700 on upside.