Silver weekly special report based on 1.00 Lot Calculation:
- EVENT (FED CHAIRMAN JEROME POWELL TESTIMONY BEFORE CONGRESS - March 6 - 7, 2024): Federal Reserve Chair Jerome Powell is to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC. The testimony is in two parts; the first is a prepared statement, and then the committee conducts a question and answer session. The Q&A portion of the testimony can see heavy market volatility for the duration.
- EVENT (FRIDAY, MARCH 8 AT 13:30 GMT): US NONFARM PAYROLLS (NFP) AND UNEMPLOYMENT RATE (FEBRUARY): The United States is set to release its Non-Farm Payrolls and Unemployment Rate data on March 8th 2024. The previous NFP reading came in higher than expected (353K vs 187K) and the current expectation according to Bloomberg for February is 190K. If NFP comes in lower than 190K, this could push the Silver price higher.
- EVENT (TUESDAY, MARCH 12 AT 13:30 GMT): US INFLATION (FEBRUARY): The United States is expected to release its CPI Inflation data for February on March 12th, 2024. The last reading showed a decrease from 3.4% to 3.1% which shows a declining trend in inflation. The annual rates touched their lowest level since 2021, strengthening beliefs inflation trajectory remained on its course. Additionally, initial jobless claims came slightly above forecasts, easing worries about a tight labor market. Lower borrowing costs boost the appeal of holding non-yielding assets. If the latest reading comes in lower than expected (3.1%), this could push the Silver price higher.
- EVENT (FEDERAL RESERVE INTEREST RATE DECISION - MARCH 20, 2024): The United States Federal Reserve will be deciding on interest rates on March 20th, 2024. The Fed has kept interest rates at 5.5% since July 2023 and markets are expecting rates to remain unchanged at the March meeting. Markets will be focused on Fed Chairman Powell’s speech after the meeting for indications and guidance as to when interest rate cuts could be expected.
Silver, March 4, 2024
Current Price: 23.00
SILVER |
Weekly |
Trend direction |
|
25.90 |
|
24.90 |
|
23.90 |
|
22.10 |
|
21.60 |
|
21.30 |
Example of calculation based on trend direction for 1.00 Lot*
SILVER |
||||||
Pivot Points |
||||||
Profit or loss in $ |
29,000.00 |
19,000.00 |
9,000.00 |
-9,000.00 |
-14,000.00 |
-17,000.00 |
Profit or loss in €2 |
26,738.71 |
17,518.46 |
8,298.22 |
-8,298.22 |
-12,908.34 |
-15,674.41 |
Profit or loss in £2 |
22,890.07 |
14,996.94 |
7,103.81 |
-7,103.81 |
-11,050.38 |
-13,418.32 |
Profit or loss in C$2 |
39,349.67 |
25,780.82 |
12,211.97 |
-12,211.97 |
-18,996.39 |
-23,067.05 |
1. 1.00 lot is equivalent of 10.000 units
2. Calculations for exchange rate used as of 10:30 (GMT) 4/03/2024
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient Manager regarding their use.
- You may wish to consider closing your position in profit, even if it is lower than suggested one
- Trailing stop technique can protect the profit – Ask your Senior Account ManagerClient Manager for more detail