Silver

Special Reports - 17/12/2024

17 December, 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.

Silver Weekly Special Report based on 1.00 Lot Calculation:

EVENTS:

WEDNESDAY, DECEMBER 18, AT 19:00 GMT: US FEDERAL RESERVE INTEREST RATE DECISION: As of December 16, the market sees a high probability rate (93.40%) for a 25-basis points interest rate cut. This could bring current rates of 4.75% down to 4.50%.

NEWS:

CHINA ANNUAL CENTRAL ECONOMIC WORK CONFERENCE SIGNALED MORE STIMULUS TO HELP THE CHINA ECONOMY: China announced plans to boost its budget deficit, increase debt issuance, and ease monetary policy to sustain economic growth amid anticipated trade tensions with the U.S., as highlighted in a state media readout from the Central Economic Work Conference (CEWC) held on Dec. 11-12. China’s President pledged “more proactive” fiscal measures and “moderately” looser monetary policy next year to boost domestic consumption.

SEASONAL TRADE: DECEMBER - JANUARY (2014- 2024)

STATISTICS: SILVER ROSE 6.98% ON AVERAGE BETWEEN DECEMBER AND JANUARY (2014- 2024)

Data Source: MetaTrader 4 Platform

Please note that past performance does not guarantee future results

TECHNICAL ANALYSIS:

STRONG SUPPORT AT $30. Silver has maintained strong support at $30 since May 2024. Since then, Silver would resist staying below $30 as bargain hunters come back to send price up back above $30.

ANALYST EXPECTATIONS

UBS: The bank targets a price of $36.
CITIGROUP: The bank targets a price of $40.
JP Morgan: The bank targets a price of $34.

PRICE ACTION

ALL-TIME HIGH PRICE: $49.80. Silver jumped to $49.80 in 2011, during the debt crisis in Europe. Currently, Silver trades around $30.80 and if full recovery is made this could offer an upside potential of around 65%. However, the price could decline further.

Silver, December 17, 2024
Current Price: 30.20

SILVER	Weekly
Trend direction	UP
Resistance 3	49.8
Resistance 2	40.0
Resistance 1	31.9
Support 1	29.0
Support 2	28.5
Support 3	28.0

Example of calculation based on trend direction for 1.00 Lot*

SILVER
Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	196,000.00	98,000.00	17,000.00	-12,000.00	-17,000.00	-22,000.00
Profit or loss in €²	186,841.94	93,420.97	16,205.68	-11,439.30	-16,205.68	-20,972.05
Profit or loss in £²	154,505.29	77,252.64	13,400.97	-9,459.51	-13,400.97	-17,342.43
Profit or loss in C$²	280,042.01	140,021.00	24,289.36	-17,145.43	-24,289.36	-31,433.29

1. 1.00 lot is equivalent of 10.000 units

2. Calculations for exchange rate used as of 10:00 (GMT) 17/12/2024

There is a possibility to use Stop-Loss and Take-Profit.

You may wish to consider closing your position in profit, even if it is lower than suggested one.
Trailing stop technique could protect the profit.

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SILVER Chart

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