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Correlation between the euro and gold

Correlation between the euro and gold | 09 July 2020

09 July 2020, EUR/USD

EURUSD trading plan:

The bullish rally in the gold market will have a positive impact on the value of the European currency. The COVID-19 pandemic is forcing investors to increase their long positions in the precious metals market. China and Australia re-imposed lockdown measures to curb new outbreaks. The yellow metal reached levels not seen since 2012 as investors flocked to the safe-haven asset. Positive macroeconomic statistics from Germany will provide additional support for the Euro. Seasonally adjusted exports surged by 9% on the month after diving by 24% in April, remaining almost 27% lower than their pre-crisis level in February, the German Federal Statistics office said.

Trading recommendation: Buy 1.1330 and take profit 1.1388.

David Johnson
Analyst of «FreshForex» company
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