Silver weekly special report based On 1.00 Lot Calculation:
- EVENT: (NFP and Unemployment rate, October 6th, 2023 GMT+1 13:30): The United States will report NFP and Unemployment. The last NFP came in at 187k. Unemployment printed 3.8% in the previous report, the highest level since February 2022.
- EVENT: (United States Inflation Data, October 12th, 2023, GMT+1 13:30): The United States will report its CPI and Core CPI figures for September. Augusts CPI came in at 3.7%, Year-over-Year, well below its peak of 9.1% peak in 2022. The current market expectation for CPI is 3.6% (source: Bloomberg). Despite recent increases in inflation, the Bloomberg median prediction sees the next inflation print coming in lower. The lower inflation could be positive for silver, as the US dollar could weaken.
- EVENT: (Federal Reserve Interest Decision, November 1st, 2023 GMT+1 19:00): The Federal Reserve Bank will meet on November 1, to set the Fed Funds rate target. It could be expected the Federal Reserve to hold interest rates at the current level of 5.50%.
- ANALYSIS: Silver prices remained underpinned by tight supply, the development of solar panel technologies with higher conduction needs and hopes for an economic recovery in China after the country's manufacturing activity returned to expansion for the first time in six months.
- SILVER PRICE ACTION: Silver reached $30.00 in 2021.
Silver, October 3, 2023
Current Price:21.00
SILVER |
Weekly |
Trend direction |
|
25.00 |
|
23.00 |
|
22.00 |
|
20.00 |
|
19.10 |
|
18.20 |
Example of calculation based on weekly trend direction for 1.00 Lot
SILVER |
||||||
Pivot Points |
||||||
Profit or loss in $ |
40,000.00 |
20,000.00 |
10,000.00 |
-10,000.00 |
-19,000.00 |
-28,000.00 |
Profit or loss in €2 |
38,189.99 |
19,094.99 |
9,547.50 |
-9,547.50 |
-18,140.24 |
-26,732.99 |
Profit or loss in £2 |
33,115.32 |
16,557.66 |
8,278.83 |
-8,278.83 |
-15,729.78 |
-23,180.73 |
Profit or loss in C$2 |
54,804.60 |
27,402.30 |
13,701.15 |
-13,701.15 |
-26,032.19 |
-38,363.22 |
1. 1.00 lot is equivalent of 10000 units
2. Calculations for exchange rate used as of 10:00 (GMT+1) 03/10/2023
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 details.