CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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. 77% 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 - 06/02/2023

06 February, 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 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 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 (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%.
  • EVENT (Tuesday, FEBRUARY 7 at 17:40 GMT): FED CHAIR JEROME POWELL SPEAKS. Markets are awaiting more economic cues from a discussion with Chair Jerome Powell at the Economic Club of Washington D.C. on Tuesday. Any comments on the recent labor data and the path of inflation will be closely watched.
  • 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: 22.50

Silver

Weekly

Trend direction

UP

Resistance 3

26.00

Resistance 2

25.00

Resistance 1

23.60

Support 1

21.40

Support 2

20.20

Support 3

19.30

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 $

35,000.00

25,000.00

11,000.00

-11,000.00

-23,000.00

-32,000.00

Profit or loss in €2

35,140.56

25,100.40

11,044.18

-11,044.18

-23,092.37

-32,128.51

Profit or loss in £2

30,782.76

21,987.69

9,674.58

-9,674.58

-20,228.67

-28,144.24

Profit or loss in C$2

46,515.00

33,225.00

14,619.00

-14,619.00

-30,567.00

-42,528.00

1. 1.00 lot is equivalent of 10,000 units

2. Calculations for exchange rate used as of 9:20 (GMT) 6/2/2023
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

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