Silver Weekly Special Report based on 1.00 Lot Calculation:
GEOPOLITICS:
MIDDLE EAST TENSIONS COULD ESCALATE IN APRIL: According to the most recent reports, Iran conducted a drone and missile strike on Israel in response to the Israeli bombing of targets near an Iranian embassy in Damascus Syria. Israeli Prime Minister Netanyahu has suggested that Israel will take counter measures, and these measures could spark a regional war in the Middle East. Should the war expand, there could be a possibility that safe haven demand will increase, which could drive silver prices.
EVENTS:
- US Federal Reserve Interest Rate Decision (May 1st, 2024): The Federal Reserve Bank will meet on May 1st to set the Fed Funds rate target. According to the most recent estimates, analysts are expecting the Federal Reserve to hold interest rates at the current level of 5.50%. Jerome Powell will hold a press conference following the Interest Rate decision at 19:30 GMT to answer potential questions and clarify the Federal Reserve’s stance on interest rate policy.
- Silver demand: The United States remains the most important market with 22% of global demand for silver, while China represents 15% of global demand of silver. China's economy can potentially grow about 5%. A silver price was fueled by increased safe haven demand, as geopolitical tensions in the Middle East and Ukraine intensified. Strong manufacturing data from top consumer China and projections for growing solar installations improved the metal's industrial outlook.
Source: Bloomberg
Silver, April 15, 2024
Current Price: 28.20
SILVER |
Weekly |
Trend direction |
|
33.20 |
|
31.20 |
|
29.10 |
|
27.30 |
|
26.70 |
|
26.20 |
Example of calculation based on trend direction for 1.00 Lot*
SILVER |
||||||
Pivot Points |
||||||
Profit or loss in $ |
50,000.00 |
30,000.00 |
9,000.00 |
-9,000.00 |
-15,000.00 |
-20,000.00 |
Profit or loss in €2 |
46,914.88 |
28,148.93 |
8,444.68 |
-8,444.68 |
-14,074.46 |
-18,765.95 |
Profit or loss in £2 |
40,039.40 |
24,023.64 |
7,207.09 |
-7,207.09 |
-12,011.82 |
-16,015.76 |
Profit or loss in C$2 |
68,686.25 |
41,211.75 |
12,363.53 |
-12,363.53 |
-20,605.88 |
-27,474.50 |
1. 1.00 lot is equivalent of 10.000 units
2. Calculations for exchange rate used as of 13:00 (GMT) 15/04/2024
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