DAILY RESEARCH REPORT
DATE: January 22, 2021 WEB: www.hgmarkets.pk & www.theharvestworldwide.com
Karachi | Lahore | Sargodha | Faisalabad
RESEARCH REPORT
Nasdaq
Nasdaq struck a high of 13421 and a low of 13281 on Thursday. The Nasdaq Composite rallied to a record close Thursday as investors showed renewed interest in megacap technology companies ahead of their earnings reports in the weeks ahead. The technology-heavy index climbed 73.67 points, or 0.5%, to 13530.91, propelled higher by shares of Apple, Facebook and Amazon.com. The day marked the Nasdaq’s third consecutive day of gains and its fourth record close of the year. Gains for the Nasdaq came amid an otherwise bumpy session for U.S. stocks, with both the S&P 500 and the Dow Jones Industrial Average swinging between small gains and losses throughout the day. The S&P 500 ultimately eked out a gain to finish at a record high, rising 1.22 points, or less than 0.1%, to 3853.07. The Dow Jones Industrial Average, meanwhile, fell 12.37 points, or less than 0.1%, to 31176.01. Despite a turbulent start to 2021, U.S. stocks have largely continued to climb, with all three indexes currently up 1.9% or more year-to-date.
GOLD (XAU/USD)
Gold struck a high of 1875 and a low of 1858 on Thursday. Gold was down on Friday morning in Asia, easing as U.S. Treasury yields gained but also aided by a weaker dollar and further U.S. stimulus bets. Benchmark treasury yields remained higher after data released on Thursday showed a slight decline in initial jobless claims. The past week saw 900,000 claims filed, against the 910,000 claims in forecasts prepared by Investing.com and the 926,00 claims reported during the previous week. Yields on the longer end of the curve rose alongside inflation expectations on Thursday, with investors continuing to expect more debt supply under the Joe Biden administration. The newly inaugurated president is pushing for additional spending of up to $2 trillion, which gave U.S. shares a boost overnight. There are also hopes that Biden’s 1.9 trillion COVID-19 stimulus package proposed earlier in the month, will receive the necessary Republican support in Congress. Gold futures edged down 0.17% at $1,862.65 at 1100 HRS PKT. Resistance 1 13417 Resistance 2 13480 Resistance 3 13548 Support 1 13300 Support 2 13247 Support 3 13195 CURRENT PRICE 13351 PIVOT POINT/TREND CHANGING PRICE
13346
RECOMMENDATI ONBuy from current price 13351 till Resistance
1,2 and 3& if price breaks Support 1 then
Sell Nasdaq till Support 2 & 3 Resistance 1 1875 Resistance 2 1895 Resistance 3 1920 Support 1 1846 Support 2 1825 Support 3 1800 CURRENT PRICE 1862 PIVOT POINT/TREND CHANGING PRICE
1868
RECOMMENDATI ONSell from current price 1862 till Support 1,2 3
& if price breaks Resistance 1 then Buy Oil till Resistance 2 &
RESEARCH REPORT
GOLD-EUR/USD
The Euro struck a high of 1.2172 and a low of 1.2102 on Thursday. The dollar was headed for its worst week of the year on Friday, as investors cheered in the Joe Biden administration by buying riskier currencies and refreshed bets that a pandemic recovery could push the greenback lower still. Against the euro, the dollar is down almost 0.8% this week and it touched a week-low of $1.2173 per euro on Friday. The dollar index has fallen by the same weekly margin, and was steady at 90.075 early in the Asia session. The euro had found some support from the European Central Bank keeping policy steady and accommodative. On the central bank front. The European Central Bank (ECB) handed down a policy decision on Thursday that kept interest rates steady. The central bank also pledged to provide more support for the economy if required. ECB President Christine Lagarde also issued a warning that ever-increasing COVID-19 numbers and restrictive measures, such as lockdowns, to curb the spread of the virus could challenge the region’s economic outlook.
GOLD-GBP/USD
Pound sterling struck a high of 1.3745 and a low of 1.3648 on Thursday. The dollar was headed for its worst week of the year on Friday, as investors cheered in the Joe Biden administration by buying riskier currencies and refreshed bets that a pandemic recovery could push the greenback lower still. Sterling rose to a 2-1/2 year high of $1.3745 overnight on hopes Britain's vaccine roll-out can usher in a rebound in growth. It held at that level on Friday, up 1% for the week. The sentiment-driven moves have eroded gains made by the U.S dollar since the Democrats won control of the U.S. Congress earlier this month. The dollar had risen along with U.S. Treasury yields on expectations of more fiscal stimulus and government borrowing under a Biden administration. Later on Friday, preliminary purchasing managers' index figures are due across Europe and the United States, and weakness is expected as fresh waves of coronavirus infection have driven new lockdowns and curtailed growth.
Resistance 1 1.2195 Resistance 2 1.2218 Resistance 3 1.2268 Support 1 1.2134 Support 2 1.2100 Support 3 1.2055 CURRENT PRICE 1.2171 PIVOT POINT/TREND CHANGING PRICE
1.2134
RECOMMENDATI ONBuy from current price 1.2171 till Resistance
1,2 & 3 & if price breaks PIVOT 1.2134 then Sell EUR-USD till
Support 2 & 3 Resistance 1 1.3740 Resistance 2 1.3774 Resistance 3 1.3810 Support 1 1.3693 Support 2 1.3655 Support 3 1.3635 CURRENT PRICE 1.3708 PIVOT POINT/TREND CHANGING PRICE
1.3693
RECOMMENDATI ONBuy from current price 1.3708 till Resistance
1,2 & 3 & if price breaks Pivot 1.3693 then Sell GBP-USD till
RESEARCH REPORT
SILVER
Silver marked a high of 26.04 and a low of 25.63 on Thursday. Gold was down on Friday morning in Asia, easing as U.S. Treasury yields gained but also aided by a weaker dollar and further U.S. stimulus bets. Benchmark treasury yields remained higher after data released on Thursday showed a slight decline in initial jobless claims. The past week saw 900,000 claims filed, against the 910,000 claims in forecasts prepared by Investing.com and the 92600 claims reported during the previous week. Yields on the longer end of the curve rose alongside inflation expectations on Thursday, with investors continuing to expect more debt supply under the Joe Biden administration. The newly inaugurated president is pushing for additional spending of up to $2 trillion, which gave U.S. shares a boost overnight. There are also hopes that Biden’s 1.9 trillion COVID-19 stimulus package proposed earlier in the month, will receive the necessary Republican support in Congress. Silver futures were being traded on $25.58 per ounce at 1100 HRS PKT.
CRUDE OIL (WTI)
Oil marked a high of 53.35 and a low of 52.69 on Thursday. Oil was down Friday morning in Asia, continuing a retreat from the previous week’s 11-month highs, over imposes new COVID-19-induced restrictive measures in China and the ensuing fuel demand worries. Recovering fuel demand in the world’s biggest oil importer had support the black liquid’s gain in late 2020, making up for the lagging demand in the U.S. and Europe. However, a new wave of COVID-19 cases in the country has seen the reintroduction of restrictive measures to contain the spread of the virus. Other areas are adopting pre-emptive curbs and In Beijing, residents are being urged not to travel for the upcoming Lunar New Year holiday, when tens of millions of urban workers usually head back to their villages. U.S. crude oil supply data from the U.S. Energy Information Administration is due later today at 2100 HRS PKT. The data was delayed by both a holiday and Wednesday’s inauguration of President Joe Biden.
Resistance 1 26.00 Resistance 2 26.55 Resistance 3 27.23 Support 1 25.25 Support 2 24.75 Support 3 24.43 CURRENT PRICE 25.56 PIVOT POINT/TREND CHANGING PRICE
25.83
RECOMMENDATI ONSell from current price 25.56 till Support 1,2 3
& if price breaks Resistance 1 then Buy Oil till Resistance 2 &
3 Resistance 1 53.25 Resistance 2 54.00 Resistance 3 54.75 Support 1 51.85 Support 2 51.25 Support 3 50.50 CURRENT PRICE 52.39 PIVOT POINT/TREND CHANGING PRICE
52.94
RECOMMENDATI ONSell from current price 52.39 till Support 1,2 3
& if price breaks Resistance 1 then Buy Oil till Resistance 2 &
RESEARCH REPORT
Natural Gas
Natural Gas futures struck a high of 2.549 and a low of 2.458 on Thursday. Natural gas prices were nearly unchanged on Thursday after testing lower levels early in the trading session. According to the National Oceanic Atmospheric Administration, the weather is expected to be warmer than normal throughout the mid-west for the next 6-10 and 8-14 days. Supply fell in the latest week due to declines in dry natural gas production. Recovering fuel demand in the world’s biggest oil importer had support the black liquid’s gain in late 2020, making up for the lagging demand in the U.S. and Europe. However, a new wave of COVID-19 cases in the country has seen the reintroduction of restrictive measures to contain the spread of the virus.
Dow Jones
Dow struck a high of 31183 and a low of 31011 on Thursday. The Nasdaq Composite rallied to a record close Thursday as investors showed renewed interest in megacap technology companies ahead of their earnings reports in the weeks ahead. The technology-heavy index climbed 73.67 points, or 0.5%, to 13530.91, propelled higher by shares of Apple, Facebook and Amazon.com. The day marked the Nasdaq’s third consecutive day of gains and its fourth record close of the year. Gains for the Nasdaq came amid an otherwise bumpy session for U.S. stocks, with both the S&P 500 and the Dow Jones Industrial Average swinging between small gains and losses throughout the day. The S&P 500 ultimately eked out a gain to finish at a record high, rising 1.22 points, or less than 0.1%, to 3853.07. The Dow Jones Industrial Average, meanwhile, fell 12.37 points, or less than 0.1%, to 31176.01. Despite a turbulent start to 2021, U.S. stocks have largely continued to climb, with all three indexes currently up 1.9% or more year-to-date.
. Resistance 1 2.508 Resistance 2 2.545 Resistance 3 2.590 Support 1 2.430 Support 2 2.403 Support 3 2.385 CURRENT PRICE 2.476 PIVOT POINT/TREND CHANGING PRICE
2.508
RECOMMENDATI ONSell from current price 2.476 till Support 1,2 and 3 & if price breaks PIVOT 2.508 then Buy Ngas till Resistance 2
& 3 Resistance 1 31079 Resistance 2 31350 Resistance 3 31507 Support 1 30890 Support 2 30770 Support 3 30553 CURRENT PRICE 30984 PIVOT POINT/TREND CHANGING PRICE
31079
RECOMMENDATI ONSell from current price 30984 till Support 1,2 and 3 & if price breaks
PIVOT 31079 then Buy till Resistance 2 &
RESEARCH REPORT
Platinum
Platinum futures struck a high of 1151 and a low of 1095 on Thursday. The price of platinum could climb another 80% over the next 4-5 years as the global economy recovers and supply dwindles, Sibanye Stillwater (NYSE:SBSW) CEO Neal Froneman tells Bloomberg. Platinum has has nearly doubled from an 18-year low in March, but the metal "only just started to re-rate and it will continue," Froneman says. "There is no reason why platinum will not eventually trade at $2,000/oz. and probably even higher. Platinum will be supported by its increasing use in hydrogen fuel cells, while automakers in China and North America are starting to switch the metal in for more expensive palladium in autocatalysts, the Sibanye CEO says. Froneman is not alone in his optimism for platinum: ABN Amro senior metals strategist Georgette Boele thinks the metal could trade at $1,500/oz. in 2022, well above the current $1,100 level. Platinum also has something else going for it: hydrogen-powered cars. These cars run on hydrogen fuel cells that require platinum as the catalyst. Originally expensive to produce, breakthrough research at the University of Copenhagen last year showed that making hydrogen fuel cells in a more economical manner was possible, potentially reducing the prices for such cars and boosting their demand.
Resistance 1 1130 Resistance 2 1147 Resistance 3 1165 Support 1 1085 Support 2 1073 Support 3 1055 CURRENT PRICE 1105 PIVOT POINT/TREND CHANGING PRICE
1117
RECOMMENDATI ONSell from current price 1105 till Support 1,2 and 3 & if price breaks
Resistance 1 then Buy till Resistance 2 &
ECONOMIC CALENDAR
Disclaimer:
HG Markets Private Limited is not in investment advisory business and acts only as Member of Pakistan Mercantile Exchange (MEM293) and Broker of Securities and Exchange Commission of Pakistan (BRC286). Investments in commodity futures are subject to market risks. The amount you may lose is potentially unlimited and can exceed the amount you originally deposited with PMEX. The information contained herein does not suggest or imply and should not be constitute, in any manner, a guarantee of future performance and/or investment advice either on the part of the broker or PMEX. Investors are advised to read the risk disclosure document carefully along-with standardized account opening form before investing in commodity futures market.
Products Previous Day High Previous Day Low Current Price Pivot/ Trend Changing Price Recommendations
Nasdaq
13421 13281 13351
13346
Buy from current price 13351 till Resistance 1,2 and 3& if price breaks Support 1 then Sell Nasdaq till Support 2 & 3
Gold
1875 1858 1862
1868
Sell from current price 1862 till Support 1,2 3 & if price breaks Resistance 1 then Buy till Resistance 2 & 3
Gold EUR USD
1.2172 1.2102 1.2171
1.2134
Buy from current price 1.2171 till Resistance 1,2 & 3 & if price breaks PIVOT 1.2134 then Sell EUR-USD till Support 2 & 3
Gold GBP USD
1.3745 1.3648 1.3708
1.3693
Buy from current price 1.3708 till Resistance 1,2 & 3 & if price breaks Pivot 1.3693 then Sell GBP-USD till Support 2,3
SILVER
26.04 25.63 25.56
25.83
Sell from current price 25.56 till Support 1,2 3 & if price breaks Resistance 1 then Buy till Resistance 2 & 3
Crude Oil
53.35 52.69 52.39
52.94
Sell from current price 52.39 till Support 1,2 3 & if price breaks Resistance 1 then Buy Oil till Resistance 2 & 3
Natural Gas
2.549 2.458 2.476
2.508
Sell from current price 2.476 till Support 1,2 and 3 & if price breaks PIVOT 2.508 then Buy Ngas till Resistance 2 & 3
Dow Jones
31183 31011 30984
31079
Sell from current price 30984 till Support 1,2 and 3 & if price breaks PIVOT 31079 then Buy till Resistance 2 & 3
Platinum
1151 1095 1105
1117
Sell from current price 1105 till Support 1,2 and 3 & if price breaks Resistance 1 then Buy till Resistance 2 & 3
