PLATINUM weekly special report based On 1.00 Lot Calculation:
- EVENT: United States Consumer Price Index, CPI, for January (March 14th, 2023, 12:30 GMT)- The United States will post its January inflation data. Top-line CPI is expected to fall to 6.0% from 6.4% in January. Core CPI is expected to fall to 5.5%, Year-over-Year form 5.6%, Year-over-Year in January. (Forecast Source: Bloomberg)
- EVENT: U.S. Federal Reserve Meeting and Interest Rate Decision (March 22nd, 2023, 19:00 GMT) - The Federal Open Market Committee will complete their 2-day meeting on March 22nd and may announce changes to the Federal Funds Rate target. The subsequent press conference by Chairman Jerome Powell will serve as a harbinger of how aggressive the U.S. central bank will be with respect to future rate hikes. Futures markets currently forecast a 6.3% chance of no change in interest rates and a 93.7% chance of a 25 basis point hike.
- NEWS: Platinum price started to recover as the collapse of Silicon Valley Bank soured risk sentiment and curbed expectations for more aggressive rate hikes by the Federal Reserve which pushed the prices of metals up.
- PLATINUM PRICE ACTION: Platinum reached $1350 in early 2021. The price is currently moving around $994 and if a recovery to 2021 highs happens, this could provide an increase of around 36%. However, the price could decline further.
PLATINUM, March 13, 2023
Current Price: 997.00
|
PLATINUM |
Weekly |
|
Trend direction |
|
|
1,185.00 |
|
|
1,130.00 |
|
|
1,082.00 |
|
|
922.00 |
|
|
885.00 |
|
|
835.00 |
Example of calculation based on weekly trend direction for 1 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
18,800.00 |
13,300.00 |
8,500.00 |
-7,500.00 |
-11,200.00 |
-16,200.00 |
|
Profit or loss in €² |
17,541.40 |
12,409.61 |
7,930.95 |
-6,997.90 |
-10,450.20 |
-15,115.47 |
|
Profit or loss in £² |
15,511.68 |
10,973.69 |
7,013.26 |
-6,188.17 |
-9,241.00 |
-13,366.45 |
|
Profit or loss in C$² |
25,862.22 |
18,296.15 |
11,693.03 |
-10,317.38 |
-15,407.28 |
-22,285.53 |
1. 1 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 13:20 (GMT) 13/03/2023
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