SILVER weekly special report based On 1.00 Lot Calculation:
- EVENT: (United States Unemployment Data, June 2nd, 2023 at 13:30 GMT+1): The United States will post its Non-Farm Payroll Changes for May and its updated Unemployment Rate.
- EVENT: (United States Inflation Data, June 13th, 2023 at 13:30 GMT+1): The United States will report its CPI and Core CPI figures for May. April’s CPI came in at 4.9%, Year-over-Year, well below its peak of 9.1% peak several months ago.
- EVENT: (FOMC Meeting, June 14th, 2023 at 19:00 GMT+1): The FOMC of the U.S. Federal Reserve Bank will meet on June 14th to set the Fed Funds rate target. The FOMC is influenced by both the strength of the labor market and the level of inflation. The Fed Funds rate has a big impact on the price of Silver and other assets.
- INDUSTRIAL USE: Much of the silver value is determined by its industrial demand and supply fundamentals. It is estimated that approximately 60% of silver is used for industrial purposes such as electronics manufacturing, solar cell production, automotive industry, and soldering, while only 40% is available for investment in the form of jewellery, silver coins, and bars. Industrial demand is growing due to the electrification of automobiles, 5G deployment, and governments’ commitment to using renewable energy sources, such as solar panels. The demand for renewable energy is a key driver of growth. Silver is an important component in solar panels. According to a study by scientists at the University of New South Wales, solar manufacturers will likely require over 20% of the current annual silver supply by 2027. And by 2050, solar panel production will use approximately 85–98% of the current global silver reserves. Silver is an essential component of solar power generation panels, with approximately 100 million ounces consumed annually. The biggest consumers of silver for industrial applications this past decade have been the US, Canada, China, India, Japan, South Korea, Germany and Russia.
- ANALYSTS OPINION: Citigroup projects silver could rise to $30 an ounce in the next six months to a year. However, the price could decline further.
Silver, June 2, 2023
Current Price:23.80
|
Silver |
Weekly |
|
Trend direction |
|
|
27.00 |
|
|
26.00 |
|
|
24.70 |
|
|
22.90 |
|
|
21.80 |
|
|
20.80 |
Example of calculation based on weekly trend direction for 1 Lot1
|
SILVER |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
32,000.00 |
22,000.00 |
9,000.00 |
-9,000.00 |
-20,000.00 |
-30,000.00 |
|
Profit or loss in €2 |
29,706.51 |
20,423.22 |
8,354.96 |
-8,354.96 |
-18,566.57 |
-27,849.85 |
|
Profit or loss in £2 |
25,516.51 |
17,542.60 |
7,176.52 |
-7,176.52 |
-15,947.82 |
-23,921.73 |
|
Profit or loss in C$2 |
42,940.80 |
29,521.80 |
12,077.10 |
-12,077.10 |
-26,838.00 |
-40,257.00 |
1. 1.00 lot is equivalent of 10,000 units
2. Calculations for exchange rate used as of 9:30 (GMT+1) 2/6/2023
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