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Correlation of the European currency and gold

Correlation of the European currency and gold | 10 January 2020

10 January 2020, EUR/USD

Correlation of the European currency and gold

EURUSD trading plan:

We are expecting a downtrend to develop. The decision from the president United States to opt for sanctions rather than military response sent safe-haven assets down, while stocks and other risk assets recovered. Trump said the U.S. "will immediately impose additional punishing economic sanctions on the Iranian regime." Investors are increasing their short positions in the precious metals market. This is a negative signal for the Euro, since the European currency is correlated with gold. Additional support for the U.S. dollar will be provided by positive macroeconomic statistics from the United States. We are expecting positive labor market data for December.

Trading recommendation: Sell 1.1115 and take profit 1.1077.

David Johnson
Analyst of «FreshForex» company
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