Correlation between Euro and gold | 18 Agosto 2020

18 Agosto 2020, EUR/USD

Correlation between Euro and gold

EURUSD trading plan:

Rally at the gold market will positively affect on the Euro value, as far as both assets are correlating between each other historically. The gold and Euro are two assets that traders consider as alternatives to American dollar. The day before, investors completely have ignored the factor of withdrawal of dollar liquidity by the US Treasury. The Treasury took $62.48 billion from the financial system through the placement of bonds, but the dollar hasn't able to strengthen on this event. Investors are buying back any drawdowns and the euro is consolidating around 1.1900. Such dynamics indicate that new highs of the year await us in the very near future. Today the Federal Reserve will buy back bonds worth $8.8 billion, which may encourage traders to build up longs.

Trading recommendation: Buy 1.1895 and take profit 1.1940.

David Johnson
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.
manager photo manager photo
Online-support
Nos complacerá contestar cualquier pregunta que pueda tener

Escribir

Get bonus