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Correlation between the euro and gold

Correlation between the euro and gold | 23 July 2020

23 July 2020, EUR/USD

Correlation between the euro and gold

EURUSD trading plan:

We are expecting an uptrend to develop. The bullish rally in the precious metals market will have a positive impact on the value of the European currency. Comex gold settled up $21, at $1,870 per ounce. That was the highest since September 2011, when Comex gold hit a record high of $1,911.60. Gold has been propped up by promises of stimulus in the trillion dollars from global central banks. Add to that near-zero U.S. rates, low real yields, record inflows into gold-backed exchange-traded funds, or ETFs, and increased asset allocation as a whole to precious metals, and the stars seem aligned for the world’s favorite shiny metal.

Trading recommendation: Buy 1.1563 and take profit 1.1600.

David Johnson
Analyst of «FreshForex» company
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