EquityPandit’s Outlook for Silver for the week  (Nov 27, 2017 – Dec 01, 2017) :

SILVER:

SILVER closed the week on negative note losing around 1.90%.

As we have mentioned last week, that support for the commodity lies in the zone of 39700 to 39800 where long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 39000 to 39100 where medium term moving averages and long term Fibonacci levels are lying. During the week the commodity manages to hit a low of 39162 and close the week around the levels of 39241.

Support for the commodity lies in the zone of 39000 to 39100 where medium term moving averages and long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38600 to 38700 where the commodity has formed a low in the month of October-2017.

Resistance for the commodity lies in the zone of 39700 to 39800 where long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40200 to 40300 from where the commodity has sold off.

Broad range for the commodity in the coming week can be seen between 38500 – 38600 on downside & 40000 – 40100 on upside.