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Tesla +1000% in 13 Months | Daily Articles | GKFX Prime

Gold – 4hr Candlesticks
Source: GKFX / MT4 (December 6, 2020)

XAU/USD has rebounded from a low of $1765 back up to broken support and now potential resistance at $1850 per oz. Should the resistance hold, gold could make new lows but should price continue higher it could move back above $1900. 


•    November non-farm payrolls misses expectations
•    GBP/USD pulls back from 1-year high with Brexit talks ‘on a knife edge’
•    Dow Jones hits fresh record high, up 200 pts
•    Tesla stock reaches $600, up 1000% in 13 months
•    DAY AHEAD: China trade data, Germany industrial production


“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney


*Daily closing price
↘ EUR/USD    1.2117        (-0.16%)
↘ GBP/USD    1.3437        (-0.11%)
↗ USD/JPY    104.14        (+0.30%)
↗ S&P 500    3699.12    (+0.88%)
↗ Hang Seng    26,835        (+0.40%)
↘ Gold        1837.32    (-0.15%)
↗ Oil (Brent)    49.25        (+1.11%)
↘ Bitcoin    19,137        (-4.06%)


Non-farm payrolls

245,000 US jobs were created in November, well below the 469,000 expected and even lower still than the revised 610,000 created in October. The unemployment rate fell to 6.7%. It is huge progress from the 20 million jobs lost in April; however the pace at which those jobs are being regained has slowed substantially. Around 200,000 jobs was the average monthly gain pre-pandemic – a much faster pace is needed to sustain a ‘V-shaped’ recovery of the economy. 

The slowdown coincides with new state-wide lockdowns in some parts of America. The initial reaction to the news was minimal but the dollar eventually gained as a haven in a short-covering rally at the end of a week that saw it break to fresh 2 ½ year lows.

Brexit – this week?

Brexit talks are reportedly on a knife-edge with some news over the weekend about a possible ‘breakthrough’ on fisheries according to ‘EU sources’ quickly dismissed by sources in the UK government. Even if something were agreed on fishing in British waters, the real issue is the ‘level playing field’ in which the EU is insisting the UK shadows EU rules, defeating the purpose of leaving in the first place.


Shares of Tesla touched $600 in afterhours trading. That marks a truly amazing 1000% gain in 13 months for a company that will soon be in the S&P 500 index. Notably, investor Michael Burry of ‘Big Short’ fame has revealed he has gone short Tesla stock. Investment manager Jim Chanos has said about Tesla that "Every bull market has a stock that people pin their hopes and dreams on" 


*Times in GMT
02:00    CNY    Exports (YoY)(Nov)                 12 %    11.4 %    
02:00    CNY    Imports (YoY)(Nov)                 6.1 %    4.7 %
07:00    EUR    Industrial Production s.a. (MoM)(Oct)         1.5 %    1.6 %
15:00    CAD    Ivey Purchasing Managers Index s.a(Nov)     51.5    54.5


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