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Correlation between euro and gold

Correlation between euro and gold | 21 April 2020

21 April 2020, EUR/USD

Correlation between euro and gold

EURUSD trading plan:

The euro zone's trade surplus with the rest of the world grew in February to 23.0 billion euros in February, compared with 18.5 billion euros a year earlier. Exports rose by 1.6%, while imports fell by 1.0%. This is good news for the European currency! Eurozone sovereign yield spreads widened as calls for Spain and Italy for a common EU debt fund ahead of another summit on Thursday again put the spotlight on their debt sustainability risks. The inverse correlation between real bond yields and gold has now firmly re-established itself after breaking down in the first quarter. This is a positive signal for the precious metals market and the Euro, as assets correlate with each other.

Trading recommendation: Buy 1.0805 and take profit 1.0855.

David Johnson
Analyst of «FreshForex» company
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