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Correlation between the Euro and gold

Correlation between the Euro and gold | 04 Febrero 2020

04 Febrero 2020, EUR/USD

Correlation between the Euro and gold

EURUSD trading plan:

We are expecting a downtrend to develop. Investors are increasing their short positions in the precious metals market. This is a negative signal for the European currency! The People’s Bank of China flooded the economy with cash today to support the country’s economy hit by the widening coronavirus. The central bank injected 400 billion yuan into the banking system through reverse repurchase agreements. It was the largest single-day addition in more than a year. This is a negative signal for gold!

Trading recommendation: Sell 1.10630 and take profit 1.1042.

David Johnson
Analyst of «FreshForex» company
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