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Correlation between gold and the Euro

Correlation between gold and the Euro | 12 August 2020

12 August 2020, EUR/USD

EURUSD trading plan:

The bullish rally in the precious metals market will have a positive impact on the value of the European currency. U.S. producer prices increased by the most in more than 1-1/2 years in July, but the overall trend in producer inflation remained subdued amid signs the economy's recovery from the COVID-19 recession was faltering. The benign inflation should allow the Federal Reserve to maintain its extraordinarily easy monetary policy as it tries to nurse the economy back to health. The producer price index for final demand increased 0.6% last month, driven by a surge in portfolio management fees and rising costs for gasoline. That was the biggest gain since October 2018 and followed a 0.2% decline in June. This is a positive signal for gold!

Trading recommendation: Buy 1.1730 and take profit 1.1790.

David Johnson
Analyst of «FreshForex» company
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