CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

SILVER

Special Reports - 24/01/2023

24 January, 2023

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

SILVER weekly special report based On 1.00 Lot Calculation:

  • US Federal Reserve Monetary Meeting (February 1, 2023): The Current Interest Rate Hike Cycle Expected to End in March, 2023

The FED raised the rates in December, as expected, by 0.50% points to 4.50%, which is the highest rate since 2007. The Fed is now targeting a terminal rate of 5.00% in 2023, and 4.1% in 2024. Meanwhile, Bank of America estimates Fed will start cutting in December 2023, while Morgan Stanley estimates the first cut will arrive in Q4 of 2023. Next meeting of the Fed will take place on February 1, 2023 and an interest rate hike of 0.25% points to 4.75% is expected.

  • US Non-Farm Payrolls (NFP) and Unemployment Rate, for January (February 3rd, 2023)

The NFP is expected to fall to 175,000, while the unemployment rate is forecast to climb to 3.6%.

  • China Reopening to Increase Demand for Industrial Silver

China is one of the largest consumers of Silver in the world as they continue encourage use of solar panels, whereby Silver finds one major use. Meanwhile, global demand for silver is expected to rise 16%, to more than 1.2 billion ounces, creating the biggest deficit in decades (194 million ounces). According to Silver Institute, the use of silver by industry, for jewelry and silverware and for bars and coins are all expected to reach record levels of demand in India nearly doubled.

Current Price: 23.60

Silver

Weekly

Trend direction

UP

Resistance 3

27.00

Resistance 2

26.00

Resistance 1

24.60

Support 1

22.60

Support 2

21.50

Support 3

20.30

Example of calculation based on weekly trend direction for 1 Lot1

SILVER

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

34,000.00

24,000.00

10,000.00

-10,000.00

-21,000.00

-33,000.00

Profit or loss in €2

34,136.55

24,096.39

10,040.16

-10,040.16

-21,084.34

-33,132.53

Profit or loss in £2

29,903.25

21,108.18

8,795.07

-8,795.07

-18,469.66

-29,023.75

Profit or loss in C$2

45,186.00

31,896.00

13,290.00

-13,290.00

-27,909.00

-43,857.00

1. 1.00 lot is equivalent of 10,000 units

2. Calculations for exchange rate used as of 10:00 (GMT) 24/1/2023
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 detail
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