SILVER weekly special report based On 1.00 Lot Calculation:
- EVENT: FEDERAL RESERVE raised interest rates as expected 0.25% points to 5.00% (Its highest since September, 2007). FED Chair Jerome Powell comments: We no longer state ongoing rate increases may be appropriate. The US dollar came under negative pressure after Powell’s comments as that opened the door for a pause in rate hikes, which makes the US dollar less attractive. This in turn should increase the value of metals priced in US dollars such as Silver.
- BANKING CRISIS: In early March, the United States saw its second and third largest bank failures in its history with the collapse of Silicon Valley Bank in California, and Signature Bank in New York. With the help of the U.S. Federal Government depositors at both banks were made whole. On March 19th, 2023, it was announced that Switzerland’s second largest bank, Credit Suisse, would be taken over by UBS for a significant discount. Regulators were worried that Credit Suisse was on the precipice of collapse if a sale was not consummated. The ongoing banking crisis has been supporting the demand for safe- haven assets such as Gold and Silver.
Silver, March 23, 2023
Current Price: 22.70
|
Silver |
Weekly |
|
Trend direction |
|
|
26.00 |
|
|
24.90 |
|
|
23.70 |
|
|
21.70 |
|
|
20.60 |
|
|
19.50 |
Example of calculation based on weekly trend direction for 1 Lot1
|
SILVER |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
33,000.00 |
22,000.00 |
10,000.00 |
-10,000.00 |
-21,000.00 |
-32,000.00 |
|
Profit or loss in €2 |
33,132.53 |
22,088.35 |
10,040.16 |
-10,040.16 |
-21,084.34 |
-32,128.51 |
|
Profit or loss in £2 |
29,023.75 |
19,349.16 |
8,795.07 |
-8,795.07 |
-18,469.66 |
-28,144.24 |
|
Profit or loss in C$2 |
43,857.00 |
29,238.00 |
13,290.00 |
-13,290.00 |
-27,909.00 |
-42,528.00 |
1. 1.00 lot is equivalent of 10,000 units
2. Calculations for exchange rate used as of 9:55 (GMT) 23/3/2023
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