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Correlation between euro and gold

Correlation between euro and gold | 15 August 2019

15 August 2019, EUR/USD

Correlation between euro and gold

EURUSD trading plan:

Bullish rally in the gold market will have a positive impact on the value of the euro, as assets are correlated. Investors are increasing their long positions on gold amid geopolitical tensions in the world. The trade war between the US and China has a negative impact on the stock markets. European Union statistics office Eurostat said gross domestic product growth in the 19-country euro zone was 0.2% in the second quarter versus the previous quarter, the GDP flash estimates numbers, including year-on-year growth of 1.1% from the second quarter of 2019, were in line with traders' forecasts. This is a neutral factor for the euro.

Trading recommendation: Buy 1.1125 and take profit 1.1170.

David Johnson
Analyst of «FreshForex» company
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