A bullish rally in the gold market | 24 Julio 2020
24 Julio 2020, EUR/USD
EURUSD trading plan:
A bullish rally in the gold market will have a positive impact on the value of the euro. Gold futures on Comex settled up 1.2%, at $1,888 per ounce. That was the highest since September 2011, when Comex gold hit a record high of $1,911.60. Gold’s continued rally came on the back of the dollar’s drop, as indicated by the Dollar Index, which ties the greenback to a basket of six currencies. Renewed U.S.-China tensions also boosted gold’s safe-haven appeal. This is a positive signal for the European currency, since the euro is correlated with gold.
Trading recommendation: Buy 1.1589 and take profit 1.1630.
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.
