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 - 07/12/2023

07 December, 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.

Special Report: SILVER

Date: December 7, 2023

WEEKLY TREND: UP

HISTORCIAL CHANGES IN SILVER PRICES

Year

December-1

January-31

Percentage Change

2014 - 2015

$ 14.731

$ 17.225

+ 16.93%

2015 - 2016

$ 15.058

$ 14.240

+ 1.29%

2016 - 2017

$ 16.453

$ 17.499

+ 6.36%

2017 - 2018

$ 16.408

$ 17.320

+ 5.56%

2018 - 2019

$ 14.237

$ 16.010

+ 12.45%

2019 - 2020

$ 16.981

$ 18.017

+ 6.10%

2020 - 2021

$ 22.623

$ 28.572

+ 26.30%

2021 - 2022

$ 22.766

$ 22.440

- 1.43%

2022 - 2023

$ 22.312

$ 23.640

+ 5.95%

Average Price Change

+ 8.83%

Data Source: Fortrade MetaTrader 4

The table above tells us that silver prices historically rose in the period between December 1 and January 31. After calculating the average price changes over the same period starting 2014- 2015 period, we found an average increase of 8.83%.

However, please note that past performance does not guarantee future results.

  • US Nonfarm Payrolls (Friday, December 8 at 13:30 GMT)

The United States will be releasing nonfarm payrolls and unemployment. Nonfarm payrolls have been trending lower recently, while unemployment has been inching higher. If the Nonfarm payrolls continue to fall while unemployment rises, there could be extended US dollar weakness and may push silver higher.

  • US Inflation (Tuesday, December 12 at 13:30 GMT)

The United States will report its CPI for November. October CPI came in at 3.2%, Year-over-Year, well below its peak of 9.1% peak in 2022. Inflation continues to fall, with levels approaching the Federal Reserve’s 2% target. The lower inflation chould be positive for silver, as the US dollar could weaken.

  • US Federal Reserve Interest Rate Decision (Wednesday, December 13 at 19:00 GMT)

The Federal Reserve Bank will meet on December 13th to set the Fed Funds rate target. According to the most recent estimates, analysts are expecting the Federal Reserve to hold interest rates at the current level of 5.50%. Jerome Powell will hold a press conference following the Interest Rate decision at 19:30 GMT to answer potential questions and clarify the Federal Reserve’s stance on interest rate policy.

  • Silver prices supported by a softer dollar and renewed interest in non-yielding instruments

Silver price supported by a softer dollar and renewed interest in non-yielding instruments, as markets increasingly bet on the beginning of rate cuts by the Fed in 2024. Concerns over the supply of industrial silver against the backdrop of robust demand also lifted prices. The Silver Institute stated that global mined silver production is expected to drop by 2% in 2023, largely due to lower output from key producers Mexico and Peru. Rising investment in solar panels, power grids, and 5G networks drove market players to forecast an 8%-10% increase in silver demand.

Silver, December 7, 2023
Current Price:23.90

SILVER

Weekly

Trend direction

UP

Resistance 3

26.90

Resistance 2

25.90

Resistance 1

24.90

Support 1

23.00

Support 2

22.70

Support 3

22.40

Example of calculation based on trend direction for 1.00 Lot*

SILVER

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

30,000.00

20,000.00

10,000.00

-9,000.00

-12,000.00

-15,000.00

Profit or loss in €2

27,829.18

18,552.79

9,276.39

-8,348.76

-11,131.67

-13,914.59

Profit or loss in £2

23,860.18

15,906.79

7,953.39

-7,158.05

-9,544.07

-11,930.09

Profit or loss in C$2

40,781.85

27,187.90

13,593.95

-12,234.56

-16,312.74

-20,390.93

1. 1.00 lot is equivalent of 10.000 units
2. Calculations for exchange rate used as of 10:00 (GMT) 07/12/2023
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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