Analytics

News, Trends, & Analytics 04.12.2020

Should we expect a collapse of gold?

Today the focus is on 3M’s plans to cut staff, a drop in US unemployment claims, and Deutsche Bank’s bold outlook.

 

Calendar

13:30 UTC

The report on the change in the number of employees in the United States’ nonfarm sector for November will be published. Forecast: 469 thousand. If the real data is lower, the USD will receive a negative impulse.

Assets to trade: EUR/USD, USD/CAD

 

News

UOB predicts a 3% decline in Australia’s GDP next year. Affects AUD


The 3M company announced plans to cut its staff. Affects MMM


American politicians have made progress in negotiating $900 billion in economic stimulus. Affects USD


Deutsche Bank predicts a 12% fall in the price of gold. Affects Gold


The number of applications for unemployment benefits in the US is at a three week low. Affects USD

 

Technical Analysis

Gold

Deutsche Bank has changed its strategy concerning gold. In addition, the bank’s analysts expect the asset price to fall immediately by 12% over the coming months.

Technical analysis of an asset allows for the short-term growth of the asset. However, if the asset breaks the downside support level, Deutsche Bank’s forecast may come true.

GBP/CHF

The chart of the currency pair has formed a head and shoulders pattern and has already broken through the support level. A decrease in the asset’s price is possible.

CHF/JPY

The asset has consolidated above the base of the “Triple Bottom” pattern, which indicates the start of a bullish trend.

CHF/JPY on this day in history

  • Since 2000, December 4th has been a trading day 14 times.
  • On 57% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.13%.
  • The downward trend was limited to 0.75%.
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