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Correlation between the Euro and gold

Correlation between the Euro and gold | 20 August 2020

20 August 2020, EUR/USD

Correlation between the Euro and gold

EURUSD trading plan:

Federal Open Market Committee judged that, in order to continue to support the flow of credit to households and businesses, it would be appropriate over coming months for the Federal Reserve to increase its holdings of Treasury securities and agency residential mortgage-backed securities and CMBS at least at the current pace. These actions would be helpful in sustaining smooth market functioning, thereby fostering the effective transmission of monetary policy to broader financial conditions. This is a negative signal for the dollar. A bearish rally in the precious metals market will have a negative impact on the value of the euro.

Trading recommendation: range 1.1777 -1.1860.

David Johnson
Analyst of «FreshForex» company
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