Silver is dropping 2.58%

Fast Moving Market - 19/07/2024

19 July, 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.

NEWS: Silver is dropping 2.58%, approaching the mark of $29 as the US Dollar remained strong ahead of the US trading session.

Possible Scenarios:

If Silver fails to break below Support 1 of 28.83, our Research Department expects Silver to undergo a short- term upward correction.

If Silver manages to break below Support 1 of 28.83, our Research Department expects Silver to extend its losses to its Support 2 of 28.55.

Support and Resistance Levels:

SILVER	S3	S2	S1	Reference Price	R1	R2	R3
SILVER	28.26	28.55	28.83	29.21	29.66	30.01	30.35

Potential Profit or Potential Loss Calculations:

1 cent per 1 trading lot*

USD

EUR**

GBP***

(+/-)100$

(+/-)91.84€

(+/-)77.41£

* 1 trading lot is equivalent of 10,000 units
** EUR/USD = 1.08876
***GBP/USD= 1.29174
Calculations for exchange rate used as of 13:42 (GMT+1) 19/07/2024

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