NEWS: Silver price increased 1.3% as Initial Jobless Claims in the US came in above expectations, weakening the USD.
Possible Scenarios:
If Silver fails to breach through R1 of 28.003, our Research Department expects the Silver to undergo a short- term downward correction.
If Silver manages to break above its R1 of 28.003, our Research Department expects Silver to extend its gains to its R2 of 28.252.
Support and Resistance Levels:
Silver |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
26.977 |
27.185 |
27.393 |
27.670 |
28.003 |
28.252 |
28.502 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €92.94 |
(+/-) £79.95 |
*1 trading lot is equivalent of 10000 units
**EUR/USD = 1.07598
***GBP/USD = 1.25083
Calculations for exchange rate used as of Thursday, May 9, 2024, 13:51 GMT+1