Today the focus is on the decisive days of negotiations between London and Brussels, oil forecasts, as well as the future of gold.
Comments will be given on the monetary policy of the ECB. The event may cause an increase in the volatility of assets with EUR.
Assets to trade: EUR/CHF, EUR/USD
The head of the European Commission Ursula von der Leyen said that meaningful negotiations between Brussels and London have begun. Affects GBP
CIBC predicts a rise in the price of gold to $2,300 in 2021. Affects Gold
The ECB foreshadows that profits for EU banks will remain weak next year. Affects DAX
Tesla is recalling 9,136 Model X due to possible cosmetic defects. Affects Tesla
Credit Suisse predicts Brent oil will rise to $60 per barrel. Affects Brent
Goldman Sachs, Citi and CIBC all believe there will be future growth in gold prices. Financial companies are betting on a bullish trend, as the global economy has yet to deal with the problems caused by the COVID-19 pandemic. The CIBC forecast turned out to be the most optimistic, as it implies the strengthening of the precious metal’s positions by more than 26%.
Nevertheless, the current situation for the asset remains unfavorable. In terms of technical analysis, the downtrend will continue until around 1600.
The currency pair reversed quite sharply from 1.08700, which could turn into a long trend.
We expect a decline in the pound against the Canadian dollar after the “pin-bar” candlestick pattern has formed on the currency pair chart.
GBP/CAD on this day in history
- Since 2000, November 26th has been a trading day 13 times.
- On 69% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.55%.
- The downward trend was limited to 1.64%.