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Correlation between gold and Euro

Correlation between gold and Euro | 14 April 2020

14 April 2020, EUR/USD

EURUSD trading plan:

The bullish rally in the precious metals market will have a positive impact on the value of the European currency. The Euro and gold have a strong correlation between them. Gold gained 0.8% gained $15, to stand at $1,715 an ounce, which is the highest level for a most-active contract since October 2012. The gold has acted as a haven asset. It usually moves inversely to the risky securities like the stocks. The efforts by the central banks and fiscal policymakers to mitigate the negative effect on the global economy as the COVID-19 pandemic weigh it down continue to support the yellow metal.

Trading recommendation: Buy 1.0915 and take profit 1.0980.

David Johnson
Analyst of «FreshForex» company
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