Silver Weekly Special Report based on 1.00 Lot Calculation:
GEOPOLITICS:
- ISRAELI OPERATION IN GAZA INTENSIFIES. PREPARING FOR RAFAH INVASION. Rafah is home to four Hamas combat battalions reinforced by thousands of retreating fighters. Israeli strikes intensified across Gaza in some of the heaviest shelling in weeks, residents said, and the army ordered fresh evacuations in the north of the enclave. Strikes by air and shelling from tanks on the ground were also reported in central and southern areas of the Gaza Strip in what residents said late on Tuesday were almost 24 hours of non-stop bombardments.
- EVACUATION PROCESS TO START SOON: Israel's military is poised to evacuate Palestinian civilians from Rafah. The defense official said Israel's Defence Ministry had bought 40,000 tents, each with the capacity for 10 to 12 people, to house Palestinians relocated from Rafah.
EVENTS:
- 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.
- US NFP and Unemployment (Friday, May 3rd, 2024): The United States will be releasing nonfarm payrolls and unemployment data. Nonfarm payrolls have been trending lower recently, with markets forecasting 243k vs 303k in the previous month. If the Nonfarm payrolls continue to fall while unemployment rises, there could be extended US dollar weakness and may push silver higher.
OTHER ANALYSIS:
- Silver demand: The United States remains the most important market with 22% of global demand for silver, while China represents 15% of global demand of 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 29, 2024
Current Price: 27.20
|
SILVER |
Weekly |
|
Trend direction |
|
|
33.00 |
|
|
32.00 |
|
|
28.10 |
|
|
26.30 |
|
|
26.00 |
|
|
25.50 |
Example of calculation based on trend direction for 1.00 Lot*
|
SILVER |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
58,000.00 |
48,000.00 |
9,000.00 |
-9,000.00 |
-12,000.00 |
-17,000.00 |
|
Profit or loss in €2 |
54,117.35 |
44,786.77 |
8,397.52 |
-8,397.52 |
-11,196.69 |
-15,861.98 |
|
Profit or loss in £2 |
46,263.06 |
38,286.67 |
7,178.75 |
-7,178.75 |
-9,571.67 |
-13,559.86 |
|
Profit or loss in C$2 |
79,236.99 |
65,575.44 |
12,295.40 |
-12,295.40 |
-16,393.86 |
-23,224.64 |
1. 1.00 lot is equivalent of 10.000 units
2. Calculations for exchange rate used as of 14:40 (GMT) 29/04/2024
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