SILVER weekly special report based On 1.00 Lot Calculation:
- EVENT: U.S. Federal Reserve Chairman Jerome Powell to testify before Congress (Tuesday, March 7th, 2023, 15:00 GMT) - Chairman Powell will Give his semi-annual testimony before the Senate banking committee. He will be discussing the Fed’s monetary policy and taking direct questions from Senators.
- EVENT: United States Non-Farm Payrolls (NFP) and Unemployment Rate, for February (Friday, March 10th, 2023, 13:30 GMT)- The NFP is expected to show 175,000 jobs added in February, (according to Bloomberg), much less than the 517,000 jobs added in January, while the unemployment rate is forecast to climb to 3.6%.
- EVENT: U.S. Federal Reserve Meeting and Interest Rate Decision (March 22nd, 2023, 19:00 GMT) - The Federal Open Market Committee(FOMC) will complete their 2-day meeting on March 22nd and 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 81.9% chance of a 25 basis point hike and a 18.1% chance of a 50 basis point hike.
- 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 could be expected to reach record levels of demand in India.
Current Price:21.70
|
Silver |
Weekly |
|
Trend direction |
|
|
25.00 |
|
|
23.90 |
|
|
22.90 |
|
|
20.60 |
|
|
19.60 |
|
|
18.50 |
Example of calculation based on weekly trend direction for 1 Lot1
|
SILVER |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
33,000.00 |
22,000.00 |
12,000.00 |
-11,000.00 |
-21,000.00 |
-32,000.00 |
|
Profit or loss in €2 |
33,132.53 |
22,088.35 |
12,048.19 |
-11,044.18 |
-21,084.34 |
-32,128.51 |
|
Profit or loss in £2 |
29,023.75 |
19,349.16 |
10,554.09 |
-9,674.58 |
-18,469.66 |
-28,144.24 |
|
Profit or loss in C$2 |
43,857.00 |
29,238.00 |
15,948.00 |
-14,619.00 |
-27,909.00 |
-42,528.00 |
1. 1.00 lot is equivalent of 10,000 units
2. Calculations for exchange rate used as of 9:30 (GMT) 21/2/2023
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