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The bullish rally in the gold

The bullish rally in the gold | 29 July 2020

29 July 2020, EUR/USD

The bullish rally in the gold

EURUSD trading plan:

The bullish rally in the gold market has a positive impact on the value of the Euro. When interest rates fall, gold becomes more attractive because the opportunity cost of leaving money in the metal -- which yields no inherent investment return -- decreases. At the same time, as inflation rises, the reason for owning bullion in the first place strengthens. Bullion is best known as a time-honored haven from inflation. Research suggests gold’s purchasing power remains relatively stable over very, very long periods. The amount of bread purchased by an ounce of gold has remained relatively stable since the age of Babylon.

Trading recommendation: Buy 1.1712 and take profit 1.1760.

David Johnson
Analyst of «FreshForex» company
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