Silver price increased 2.6%

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 2.6% as the USA printed weaker than expected ADP Employment Change data for August.

Possible Scenarios:

if Silver fails to breach through R1 of 29.035, our Research Department expects Silver to undergo a short- term downward correction.

If Silver manages to break above its R1 of 29.035, our Research Department expects Silver to extend its gains to its R2 of 29.287.

Support and Resistance Levels:

Silver	S3	S2	S1	Reference Price	R1	R2	R3
Silver	28.002	28.211	28.421	28.700	29.035	29.287	29.538

Potential Profit or Potential Loss Calculations:

1 cent per 1 trading lot*	USD	EUR**	GBP***
1 cent per 1 trading lot*	(+/-) $100	(+/-) €90.04	(+/-) £75.9

*1 trading lot is equivalent of 10000 units
**EUR/USD= 1.11067
***GBP/USD= 1.31754
Calculations for exchange rate used as of Thursday, September 5, 2024, 14:45 GMT+1

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