SILVER weekly special report based On 1.00 Lot Calculation:
- US Federal Reserve raised interest rates: The Current Interest Rate Hike Cycle Expected to End in March, 2023 Federal Reserve raised interest rates as expected 0.25% points to 4.75%. FED Chair Jerome Powell Comments: The bank may start thinking about cutting rates if the inflation fall accelerates. The Fed is now targeting a terminal rate of 5.00- 5.25% in 2023, and 4.1% (up from 3.9% previously) in 2024. The markets were expecting rates around 5.00% (4.98%). The Fed sees GDP growth at 0.5% in 2022, 0.5% in 2023 and 1.6% in 2024. Next FED meeting: March 22, 2023.
- EVENT (Friday, FEBRUARY 3 at 13:30 GMT): US NONFARM PAYROLLS AND UNEMPLOYMENT RATE. Nonfarm Payrolls are expected to come in at 190,000 in January, DOWN from December’s 223,000. Unemployment Rate is expected to rise from 3.5% to 3.6% in January.
- EVENT (Tuesday, FEBRUARY 14 at 13:30 GMT):US INFLATION FOR JANUARY. US INFLATION IN DECEMBER FELL TO 6.5% (EXPECTED HEADLINE: 6.5%) FROM NOVEMBER’S 7.1%. The US Inflation is now down from 9.1% in summer 2022, to December’s 6.5%. Core Inflation came down to 5.7% from previous 6.0%.
- 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 could be 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: 23.40
|
Silver |
Weekly |
|
Trend direction |
|
|
26.80 |
|
|
25.80 |
|
|
24.40 |
|
|
22.40 |
|
|
21.30 |
|
|
20.10 |
Example of calculation based on weekly trend direction for 1 Lot1
|
SILVER |
||||||
|
Pivot Points |
||||||
|
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 9:20 (GMT) 3/2/2023
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