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Correlation between the Euro and gold

Correlation between the Euro and gold | 24 January 2020

24 January 2020, EUR/USD

Correlation between the Euro and gold

EURUSD trading plan:

We are expecting an uptrend to develop. Traders increase long positions in the precious metals market. This is a positive signal for the European currency. The gold futures were up 0.5%, a mirror-image of the decline in global stocks after China quarantined Wuhan and six cities nearby in an effort to contain the spread of the virus. Gold prices were supported, as normal, by falling bond yields, as both classes of haven benefited from inflows. U.S. 10-Year Treasury bond yields by five basis points to their lowest since early December.

Trading recommendation: Buy 1.1040 and take profit 1.1080.

David Johnson
Analyst of «FreshForex» company
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