News, Trends, & Analytics 26.11.2020

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:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.

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