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Correlation between gold and the Euro

Correlation between gold and the Euro | 05 Agosto 2020

05 Agosto 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. The price of gold continues to be supported by ongoing weakness in the dollar as well as light-at-the-end-of-the-tunnel of negotiations for a new COVID-related aid package in the U.S. The negotiations in the U.S. for a new aid package appear to be moving forward. A meeting between Democratic leaders and the White House on Tuesday ended on a positive note. Senate Majority Leader Mitch McConnell also said that he is prepared to support a deal even if he does not agree with parts of it.

Trading recommendation: Buy 1.1800 and take profit 1.1846.

David Johnson
Analyst of «FreshForex» company
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