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Correlation between the euro and gold

Correlation between the euro and gold | 24 June 2020

24 June 2020, EUR/USD

Correlation between the euro and gold

EURUSD trading plan:

The bullish rally in the gold market will have a positive impact on the value of the European currency. Traders worries about rising numbers of COVID-19 cases globally and expectations of further stimulus measures giving the yellow metal a boost. Precious metal got a further boost from U.S. Treasury Secretary Steven Mnuchin’s statement that the next U.S. stimulus bill would focus on getting people back to work quickly, with a further delay of the tax filing deadline also under consideration.

Trading recommendation: Buy 1.1310 and take profit 1.1360.

David Johnson
Analyst of «FreshForex» company
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