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%.
Risk warning: