Silver weekly special report based on 1.00 Lot Calculation:
- EVENT (US Q4 2023 GDP - February 28, 2024, 13:30 GMT):
The United States is expected to release its GDP figures for the fourth quarter of 2023 on February 28, 2024. At the last reading, which was a preliminary reading, GDP came in higher than expected (3.3% vs 2.0%). If the upcoming print comes in lower than expected this could weaken the dollar and push the silver higher.
- EVENT (US PCE Index - February 29, 2024, 13:30 GMT):
The United States is expected to release its PCE Index figures for the month of January on February 29, 2024. The PCE index is the Federal Reserve’s preferred measure of inflation. At the last reading, the PCE index came in lower than expected (2.9% vs 3.0%). If the upcoming print comes in lower than expected again this could weaken the dollar and push the silver higher.
- US INFLATION DOWN FROM 3.4% TO 3.1% IN JANUARY.
Inflation in the US has shown a further decline towards Fed’s target of 2.00%. Inflation has no come down from 9.1% in June 2022 to current 3.1%. A falling inflation could support the case for a more aggressive interest rate cut cycle by the Fed in 2024, which could have positive impact on silver.
- US FEDERAL RESERVE EXPECTED TO CUT INTEREST RATES IN 2024.
According to recent market expectations, the US Federal Reserve could cut the current interest rate of 5.50% down to at least 4.50% by the end of the year. Falling interest rates put negative pressure on the US Dollar, which could in turn support the price of Silver.
- GEOPOLITICS (SAFE- HAVEN DEMAND)
MIDDLE EAST TENSIONS KEEP MARKETS NERVOUS: According to Reuters, Israel will go after the remaining Hamas battalions in Rafah despite strong international criticism and is preparing a plan to get civilians out of harm’s way, Prime Minister Benjamin Netanyahu said. Rafah is a small city on the southern border with Egypt where over half of Gaza`s 2.3 million people are now living. Egypt warned of “dire consequences” of a potential Israeli military assault on Rafah, which lies near its border.
Silver, February 14, 2024
Current Price: 22.00
|
SILVER |
Weekly |
|
Trend direction |
|
|
24.90 |
|
|
23.90 |
|
|
22.90 |
|
|
21.10 |
|
|
20.60 |
|
|
20.30 |
Example of calculation based on trend direction for 1.00 Lot*
|
SILVER |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
29,000.00 |
19,000.00 |
9,000.00 |
-9,000.00 |
-14,000.00 |
-17,000.00 |
|
Profit or loss in €2 |
27,088.88 |
17,747.89 |
8,406.89 |
-8,406.89 |
-13,077.39 |
-15,879.69 |
|
Profit or loss in £2 |
23,101.04 |
15,135.16 |
7,169.29 |
-7,169.29 |
-11,152.22 |
-13,541.99 |
|
Profit or loss in C$2 |
39,255.27 |
25,718.97 |
12,182.67 |
-12,182.67 |
-18,950.82 |
-23,011.71 |
1. 1.00 lot is equivalent of 10.000 units
2. Calculations for exchange rate used as of 14:00 (GMT) 14/02/2024
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