Silver price increased 1.6%

Fast Moving Market - 05/09/2024

05 September, 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 price increased 1.6% due to lower-than-expected job openings data from the US in July, which heightened recession fears

Possible Scenarios:

If Silver fails to breach through R2 of 28.834, our Research Department expects the Silver to undergo a short- term downward correction.

If Silver manages to break above its R2 of 28.834, our Research Department expects the Silver to extend its gains to its R3 of 29.085.

Support and Resistance Levels:

Silver	S3	S2	S1	Reference Price	R1	R2	R3
Silver	27.549	27.758	27.968	28.247	28.582	28.834	29.085

Potential Profit or Potential Loss Calculations:

10 cents per 1 trading lot*	USD	EUR**	GBP***
10 cents per 1 trading lot*	(+/-) $100	(+/-) €90.1	(+/-) £75.93

*1 trading lot is equivalent of 10000 units
**EUR/USD = 1.10986
***GBP/USD = 1.31692
Calculations for exchange rate used as of Thursday, September 5, 2024, 11:04: AM

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