Correlation between the Euro and gold | 07 أغسطس 2020
07 أغسطس 2020, EUR/USD
EURUSD trading plan:
The bullish rally in the gold market will have a positive impact on the value of the European currency. Geopolitical tensions between the US and China are forcing investors to increase their long positions in the gold market. U.S. President Donald Trump on Thursday moved to ban U.S. transactions with popular Chinese apps, Tencent's WeChat and ByteDance's Tiktok. The decrease in dollar rates on the interbank market continues in New York and London. The situation looks especially interesting in London, where the three-month Libor rate is approaching a five-year low. This is a negative signal for the dollar.
Trading recommendation: Buy 1.1810 and take profit 1.1881.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
