Silver

Special Reports - 09/04/2024

09 April, 2024

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.

Silver Weekly Special Report based on 1.00 Lot Calculation:

US Inflation (Wednesday, April 10th, 2024 at 13:30 GMT+1) The United States will report its CPI for March. February CPI came in at 3.2%, Year-over-Year, well below its peak of 9.1% in 2022. Inflation continues to trend lower, with levels approaching the Federal Reserve’s 2% target. The lower inflation could be positive for silver.
US Federal Reserve Interest Rate Decision (May 1st, 2024): The Federal Reserve Bank will meet on May 1st 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 demand: The United States remains the most important market with 22% of global demand for silver, while China represents 15% of global demand for silver. China's economy could potentially grow about 5%. A silver price was fueled by increased safe haven demand, as geopolitical tensions in the Middle East and Ukraine intensified. Strong manufacturing data from top consumer China and projections for growing solar installations improved the metal's industrial outlook.

Source: Bloomberg

Silver, April 9, 2024
Current Price: 27.90

SILVER	Weekly
Trend direction	UP
Resistance 3	33.00
Resistance 2	31.00
Resistance 1	29.00
Support 1	26.80
Support 2	26.50
Support 3	26.00

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 $	51,000.00	31,000.00	11,000.00	-11,000.00	-14,000.00	-19,000.00
Profit or loss in €²	46,967.81	28,549.06	10,130.31	-10,130.31	-12,893.13	-17,497.81
Profit or loss in £²	40,307.92	24,500.89	8,693.87	-8,693.87	-11,064.92	-15,016.68
Profit or loss in C$²	69,246.02	42,090.72	14,935.42	-14,935.42	-19,008.71	-25,797.54

1. 1.00 lot is equivalent of 10.000 units
2. Calculations for exchange rate used as of 10:00 (GMT) 09/04/2024
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

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