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Correlation between the euro and gold

Correlation between the euro and gold | 18 Diciembre 2020

18 Diciembre 2020, EUR/USD

Correlation between the euro and gold

EURUSD trading plan:

The bullish rally in the commodity market will have a positive impact on the value of the European currency, as assets are correlated with each other. Gold was bolstered by the announcement by the Federal Reserve buy at least $80 billion per month of Treasury securities and $40 billion per month of agency mortgage-backed securities in a bid to provide maximum employment to Americans and price stability to the economy. U.S. unemployment claims rose for a second week in a row, data showed reinforcing the need for urgent fiscal help.

Investment idea: Buy 1.2238 and take profit 1.2294.

David Johnson
Analyst of «FreshForex» company
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