DAILY RESEARCH REPORT - www.hgmarkets.pk - HG Markets
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DAILY RESEARCH REPORT
DATE: December 16, 2020 WEB: www.hgmarkets.pk&www.theharvestworldwide.com
www.hgmarkets.pk
Karachi | Lahore | Sargodha | Faisalabad
RESEARCH REPORT
Nasdaq Resistance 1 12710
Resistance 2 12835
Resistance 3 12995
Nasdaq struck a high of 12603 and a low of 12416 on Tuesday. U.S. Support 1 12530
stocks were higher after the close on Tuesday, as gains in the Utilities, Support 2 12305
Oil & Gas and Basic Materials sectors led shares higher., the Dow Jones
Support 3 12060
Industrial Average gained 1.13%, while the S&P 500 index gained
1.29%, and the NASDAQ Composite index added 1.25%. The best
CURRENT PRICE 12608
performers of the session on the Dow Jones Industrial Average were
Apple Inc. (NASDAQ: AAPL), which rose 5.02% or 6.11 points to trade
at 127.89 at the close. Meanwhile, Walt Disney Company (NYSE: DIS) PIVOT 12519
added 2.73% or 4.62 points to end at 173.92 and The Travelers POINT/TREND
Companies Inc. (NYSE: TRV) was up 2.45% or 3.29 points to 137.28 in CHANGING PRICE
late trade. Optimism over a $1.4 trillion U.S. spending package increased
after House of Representatives Speaker Nancy Pelosi invited other top RECOMMENDATI Buy from current price
ON 12608 till Resistance
congressional leaders to meet late on Tuesday to hammer out a deal to be
1,2 and 3& if price
enacted this week. Progress on the roll-out of vaccines continued after breaks Support 1 then
Moderna (NASDAQ: MRNA) Inc's COVID-19 vaccine appeared set for Sell till Support 2 & 3
regulatory authorization this week. The U.S. also expanded its rollout of
the newly approved vaccine developed by Pfizer Inc. (NYSE: PFE) and Resistance 1 1875
BioNTech SE (NASDAQ: BNTX).Despite COVID still raging in Europe Resistance 2 1900
and the United States, markets are looking through the near-term risks to Resistance 3 1925
economic growth and focusing on the likely better times in 2021.
Support 1 1830
Support 2 1810
Support 3 1775
GOLD (XAU/USD)
CURRENT PRICE 1857
PIVOT 1840
Gold struck a high of 1855 and a low of 1825 on Tuesday. Gold was up POINT/TREND
on Wednesday morning in Asia, with investors monitoring progress on CHANGING PRICE
U.S. stimulus measures and the Federal Reserve’s policy decision. The
rapid progress in COVID-19 vaccine rollouts is also sparking hopes for a RECOMMENDATI Buy from current price
quick economic recovery. Gold futures were up 0.29% at $1,860.65 at ON 1857 till Resistance 1,2
1150 HRS PKT.Following regulatory approval for Pfizer Inc. (NYSE: and 3& if price breaks
Support 1 then Sell till
PFE) and BioNTech SE's (F:22UAy) COVID-19 vaccine BNT162b2
Support 2 & 3
over the past two weeks, Moderna Inc's (NASDAQ: MRNA) mRNA-
1273 offering looks set to receive regulatory authorization within by the
end of the week. The U.S. also expanded its roll-out program for
BNT162b2.Europeans are also likely to be inoculated before 2021, with
the European Medicines Agency accelerating its approval process on
Tuesday. Back in the U.S., negotiations over the latest U.S. stimulus
measures continued as Republicans and Democrats finalize a spending
bill for the fiscal year beginning on Oct. 1. This spending bill must be
passed by Friday, ahead of the measures, if a government shutdown is to
be avoided. The Fed is widely expected to keep interest rates pinned near
zero and to signal where rates are headed in the coming years when it
concludes its two-day policy meeting later in the day. Some investors
also expect new guidance on a timeline for the Fed’s massive bond-
buying program.RESEARCH REPORT
GOLD-EUR/USD
Resistance 1 1.2230
Resistance 2 1.2305
Resistance 3 1.2380
The Euro struck a high of 1.2168 and a low of 1.2121 on Tuesday. The dollar
Support 1 1.2070
languished near 2 1/2-year lows on Wednesday as progress toward a massive
Support 2 1.2000
U.S. government spending bill and COVID-19 relief measures whetted risk
Support 3 1.1950
appetite, sapping demand for the safest assets. Also supporting sentiment,
the U.S. expanded its roll-out of a vaccine from Pfizer Inc. (NYSE: PFE) and
CURRENT PRICE 1.2159
German partner BioNTech SE (NASDAQ: BNTX), while another developed by
Moderna (NASDAQ: MRNA) Inc. appeared set for approval this week. The
PIVOT 1.2147
British pound held on to more than 1% of gains made on Tuesday following a POINT/TREND
report that an elusive Brexit trade deal may now be close, even as British CHANGING PRICE
Prime Minister Boris Johnson repeated that the most likely outcome of talks
was no deal. The dollar changed hands at $1.21540 per euro, near the 2 1/2- RECOMMENDATI Buy from current price
year low of $1.2177 touched on Monday. It traded at 103.64 yen, after ON 1.2159 till Resistance
declining 0.4% against the Japanese currency on Tuesday. The pound was last 1,2 and 3& if price
at $1.3444, following a 0.9% jump in the previous session. It reached $1.3540 breaks Support 1 then
earlier this month, a level not seen since mid-2018. Sell till Support 2 & 3
GOLD-GBP/USD
Resistance 1 1.3480
Pound sterling struck a high of 1.3468 and a low of 1.3279 on Tuesday. The Resistance 2 1.3530
dollar languished near 2 1/2-year lows on Wednesday as progress toward a Resistance 3 1.3600
massive U.S. government spending bill and COVID-19 relief measures
whetted risk appetite, sapping demand for the safest assets. Also supporting Support 1 1.3405
sentiment, the U.S. expanded its roll-out of a vaccine from Pfizer Inc. Support 2 1.3340
(NYSE: PFE) and German partner BioNTech SE (NASDAQ: BNTX), while Support 3 1.3275
another developed by Moderna (NASDAQ: MRNA) Inc. appeared set for
approval this week. The British pound held on to more than 1% of gains CURRENT PRICE 1.3452
made on Tuesday following a report that an elusive Brexit trade deal may
now be close, even as British Prime Minister Boris Johnson repeated that the PIVOT
most likely outcome of talks was no deal. The dollar changed hands at
1.3381
POINT/TREND
$1.21540 per euro, near the 2 1/2-year low of $1.2177 touched on Monday. It CHANGING PRICE
traded at 103.64 yen, after declining 0.4% against the Japanese currency on
Tuesday. The pound was last at $1.3444, following a 0.9% jump in the RECOMMENDATI Buy from current price
previous session. It reached $1.3540 earlier this month, a level not seen since ON 1.3452 till Resistance
mid-2018. 1,2 and 3& if price
breaks Support 1 then
Sell till Support 2 & 3RESEARCH REPORT
SILVER Resistance 1 25.20
Resistance 2 25.80
Resistance 3 26.50
Support 1 23.80
Silver marked a high of 24.54 and a low of 23.81 on Tuesday. Silver Support 2 23.10
markets have rallied a bit during the trading session on Tuesday, as the Support 3 22.50
US dollar has dropped a bit. Ultimately, the market has broken above the
50 day EMA, which is a short-term bullish signal, perhaps suggesting CURRENT PRICE 24.68
that the silver market is going to go looking towards the $25 level. The
$25 level above there would be resistance, and if we can break above PIVOT
there, the market is likely to go looking towards the $26 level after that. 24.15
POINT/TREND
The $26 level has been resistance more than once, so if we were to break CHANGING PRICE
above there then it would show real strength. Regulatory approval for
Pfizer Inc. (NYSE: PFE) and BioNTech SE's (F:22UAy) COVID-19 Buy from current price
RECOMMENDATI
vaccine BNT162b2 over the past two weeks, Moderna Inc's (NASDAQ: 24.68 till Resistance
ON
MRNA) mRNA-1273 offering looks set to receive regulatory 1,2 and 3& if price
authorization within by the end of the week. The U.S. also expanded its breaks Support 1 then
roll-out program for BNT162b2.Europeans are also likely to be Sell till Support 2 & 3
inoculated before 2021, with the European Medicines Agency
accelerating its approval process on Tuesday. Back in the U.S.,
negotiations over the latest U.S. stimulus measures continued as
Republicans and Democrats finalize a spending bill for the fiscal year
beginning on Oct 1.
CRUDE OIL (WTI) Resistance 1 48.80
Resistance 2 50.00
Resistance 3 51.75
Support 1 46.40
Oil marked a high of 47.68 and a low of 46.49 on Tuesday. Oil held near Support 2 45.20
its highest level in almost 10 months after an industry report pointed to Support 3 44.10
an increase in US crude stockpiles, taking some of the steam out of a
stimulus and vaccine-led rally. Futures traded near $48 a barrel in New
CURRENT PRICE 47.39
York after the American Petroleum Institute reported crude inventories
climbed by 1.97 million barrels last week. That would be a second
PIVOT 47.15
weekly gain if confirmed by official government figures on Wednesday.
POINT/TREND
In Asia, meanwhile, the demand recovery is uneven. China’s daily oil
CHANGING PRICE
refining rose to a record last month, but South Korea’s crude imports slid
to the lowest level in 10 years in November and purchases are set to fall
RECOMMENDATI Buy from current price
further. Optimism about a swift recovery in fuel demand with the roll-out
ON 47.39 till Resistance
of the vaccine has oil trading at levels last seen before the outbreak. The 1,2 and 3& if price
market is still facing a number of near-term hurdles, including a breaks Support 1 then
resurgent virus in some regions and more supply from OPEC+ next Sell till Support 2 & 3
month after the group agreed to gradually ease its crude production cuts.
Crude has climbed 2.3% over the past two sessions to the highest level
since February as the US Congress moved toward a stimulus package
and as the nation started delivering the first doses of a Covid-19 vaccine.
The International Energy Agency also warned that the crude glut left
behind by the pandemic will clear by the end of next year as the market
faces a gradual recovery marked by renewed strains on demand.US
gasoline stockpiles, meanwhile, expanded by 828,000 barrels last week.RESEARCH REPORT
Natural Gas Resistance 1 2.730
Resistance 2 2.785
Resistance 3 2.840
Natural Gas futures struck a high of 2.701 and a low of 2.596 on Support 1 2.620
Tuesday. Natural gas prices moved slightly lower on Tuesday ahead of Support 2 2.580
Thursday’s inventory report from the Department of Energy.
Support 3 2.550
Expectations are for a 107 Bcf draw in stockpiles according to survey
provider Estimize. The weather is expected to be milder than normal
CURRENT PRICE 2.655
over the next 2-weeks, but a storm scheduled to hit the northeast will
generate additional heating demand. Supply rose slightly in the latest
week. In Asia, meanwhile, the demand recovery is uneven. China’s daily PIVOT 2.662
oil refining rose to a record last month, but South Korea’s crude imports POINT/TREND
slid to the lowest level in 10 years in November and purchases are set to CHANGING PRICE
fall further. Optimism about a swift recovery in fuel demand with the
roll-out of the vaccine has oil trading at levels last seen before the RECOMMENDATI Sell from current price
ON till Support 1,2 and 3 &
outbreak. The market is still facing a number of near-term hurdles,
if price breaks
including a resurgent virus in some regions and more supply from Resistance 1 then Buy
OPEC+ next month after the group agreed to gradually ease its crude till Resistance 2 & 3
production cuts. Crude has climbed 2.3% over the past two sessions to
the highest level since February as the US Congress moved toward a Resistance 1 30320
stimulus package and as the nation started delivering the first doses of a Resistance 2 30550
Covid-19 vaccine. Resistance 3 30725
Support 1 30000
Support 2 29640
Dow Jones Support 3 29450
CURRENT PRICE 30168
Dow struck a high of 30237 and a low of 29836 on Tuesday. U.S. stocks PIVOT 30052
were higher after the close on Tuesday, as gains in the Utilities, Oil & Gas POINT/TREND
and Basic Materials sectors led shares higher., the Dow Jones Industrial CHANGING PRICE
Average gained 1.13%, while the S&P 500 index gained 1.29%, and the
NASDAQ Composite index added 1.25%. The best performers of the RECOMMENDATI Buy from current price
session on the Dow Jones Industrial Average were Apple Inc. (NASDAQ: ON 30168 till Resistance
AAPL), which rose 5.02% or 6.11 points to trade at 127.89 at the close. 1,2 and 3& if price
breaks Support 1 then
Meanwhile, Walt Disney Company (NYSE: DIS) added 2.73% or 4.62
Sell till Support 2 & 3
points to end at 173.92 and The Travelers Companies Inc. (NYSE: TRV)
was up 2.45% or 3.29 points to 137.28 in late trade. Optimism over a $1.4
trillion U.S. spending package increased after House of Representatives
Speaker Nancy Pelosi invited other top congressional leaders to meet late
on Tuesday to hammer out a deal to be enacted this week. Progress on the
roll-out of vaccines continued after Moderna (NASDAQ: MRNA) Inc's
COVID-19 vaccine appeared set for regulatory authorization this week.
The U.S. also expanded its rollout of the newly approved vaccine
developed by Pfizer Inc. (NYSE:PFE) and BioNTech SE
(NASDAQ:BNTX).Despite COVID still raging in Europe and the United
States, markets are looking through the near-term risks to economic
growth and focusing on the likely better times in 2021.ECONOMIC CALENDAR
Products Previous Day High Previous Day Low Current Price Pivot/ Trend Changing Price Recommendations
Buy from current price 12608 till
Resistance 1,2 and 3& if price
12603 12416 12608
breaks Support 1 then Sell till
12519 Support 2 & 3
Nasdaq
Buy from current price 1857 till
Resistance 1,2 and 3& if price
1855 1825 1857
breaks Support 1 then Sell till
1840 Support 2 & 3
Gold
Buy from current price 1.2159 till
Resistance 1,2 and 3& if price
1.2168 1.2121 1.2159
breaks Support 1 then Sell till
1.2147 Support 2 & 3
Gold EUR USD
Buy from current price 1.3452 till
Resistance 1,2 and 3& if price
1.3468 1.3279 1.3452
breaks Support 1 then Sell till
1.3381 Support 2 & 3
Gold GBP USD
Buy from current price 24.68 till
Resistance 1,2 and 3& if price
24.54 23.81 24.68
breaks Support 1 then Sell till
24.15 Support 2 & 3
SILVER
Buy from current price 47.39 till
Resistance 1,2 and 3& if price
47.68 46.49 47.39
breaks Support 1 then Sell till
47.15 Support 2 & 3
Crude Oil
Sell from current price till
Support 1,2 and 3 & if price
2.701 2.596 2.655
breaks Resistance 1 then Buy till
2.662 Resistance 2 & 3
Natural Gas
Buy from current price 30168 till
Resistance 1,2 and 3& if price
30237 29836 30168
breaks Support 1 then Sell till
30052 Support 2 & 3
Dow Jones
Disclaimer:
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.You can also read
