Analytics

News, Trends, & Analytics 26.11.2020

Gold. Up or down?

Today the focus is on the decisive days of negotiations between London and Brussels, oil forecasts, as well as the future of gold.

 

Calendar

12:30 UTC

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

 

News

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

 

Technical Analysis

Gold

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.

EUR/CHF

The currency pair reversed quite sharply from 1.08700, which could turn into a long trend.

GBP/CAD

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%.
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