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Correlation of Euro and gold

Correlation of Euro and gold | 27 December 2019

27 December 2019, EUR/USD

Correlation of Euro and gold

EURUSD trading plan:

We are expecting a bullish rally in the Euro. The uptrend in the commodity market will have a positive impact on the value of the Euro, as the European currency correlates with precious metals and energy. Gold has been on the rise recently as a hedge against potential inflation, dollar weakness and increased equity market volatility in 2020. Oil rose to three-month highs, buoyed by a report showing lower U.S. crude inventories, hopes the pending Sino-U.S. trade deal will soon be signed and efforts by the Organization of the Petroleum Exporting Countries to curb crude supply.

Trading recommendation: Buy 1.1108 and take profit 1.1135.

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David Johnson
Analyst of «FreshForex» company
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