Silver
-0.36%
January 24, 2023
Risk Disclaimer: The example below is for illustrative purposes only and is based on price movements derived from Contracts for Difference (CFDs). The calculations reflect hypothetical outcomes using historical or specified price data for the relevant instrument on the stated date and are not indicative of future performance. Any reliance placed on this material is strictly at the user’s own risk.
The FED raised the rates in December, as expected, by 0.50% points to 4.50%, which is the highest rate since 2007. The Fed is now targeting a terminal rate of 5.00% in 2023, and 4.1% in 2024. Meanwhile, Bank of America estimates Fed will start cutting in December 2023, while Morgan Stanley estimates the first cut will arrive in Q4 of 2023. Next meeting of the Fed will take place on February 1, 2023 and an interest rate hike of 0.25% points to 4.75% is expected.
The NFP is expected to fall to 175,000, while the unemployment rate is forecast to climb to 3.6%.
China is one of the largest consumers of Silver in the world as they continue encourage use of solar panels, whereby Silver finds one major use. Meanwhile, global demand for silver is expected to rise 16%, to more than 1.2 billion ounces, creating the biggest deficit in decades (194 million ounces). According to Silver Institute, the use of silver by industry, for jewelry and silverware and for bars and coins are all expected to reach record levels of demand in India nearly doubled.
Current Price: 23.60
|
Silver |
Weekly |
|
Trend direction |
|
|
27.00 |
|
|
26.00 |
|
|
24.60 |
|
|
22.60 |
|
|
21.50 |
|
|
20.30 |
Example of calculation based on weekly trend direction for 1 Lot1
|
SILVER |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
34,000.00 |
24,000.00 |
10,000.00 |
-10,000.00 |
-21,000.00 |
-33,000.00 |
|
Profit or loss in €2 |
34,136.55 |
24,096.39 |
10,040.16 |
-10,040.16 |
-21,084.34 |
-33,132.53 |
|
Profit or loss in £2 |
29,903.25 |
21,108.18 |
8,795.07 |
-8,795.07 |
-18,469.66 |
-29,023.75 |
|
Profit or loss in C$2 |
45,186.00 |
31,896.00 |
13,290.00 |
-13,290.00 |
-27,909.00 |
-43,857.00 |
1. 1.00 lot is equivalent of 10,000 units
2. Calculations for exchange rate used as of 10:00 (GMT) 24/1/2023
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