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Correlation between the Euro and gold

Correlation between the Euro and gold | 23 September 2020

23 September 2020, EUR/USD

EURUSD trading plan:

Spain has the highest number of COVID-19 cases in Western Europe and health authorities in Catalonia said they would limit gatherings to six people from 10 across the northeastern region to reduce contagion. In some of the working-class neighborhoods in Madrid where infections have been soaring, regional authorities have ordered a partial lockdown from Monday, triggering protests and accusations of discrimination against poorer areas. The downtrend in the gold market has a negative impact on the Euro, as assets are correlated with each other. The U.S. House of Representatives has passed a bill to maintain government spending ahead of a shutdown, bringing positive news for the dollar, to gold’s loss.

Trading recommendation: Sell 1.1710 and take profit 1.1681.

David Johnson
Analyst of «FreshForex» company
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