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A bullish rally in the commodity market

A bullish rally in the commodity market | 06 May 2020

06 May 2020, EUR/USD

A bullish rally in the commodity market

EURUSD trading plan:

A bullish rally in the commodity market will have a positive impact on the value of the European currency. Investors are increasing their long positions in the precious metals and energy markets. Money still continues to flow into gold-backed ETFs, data showing a seventh-straight day of inflows on Monday, equivalent to a net 308,000 ounces, with U.S. funds dominating. Oil is rebounding as more and more U.S. states move to reopen their economies, underpinning demand that had collapsed in March - April under the pressure of mandatory lockdowns.

Trading recommendation: Buy 1.0800 and take profit 1.0855.

David Johnson
Analyst of «FreshForex» company
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