Correlation between the Euro and gold | 24 Januari 2020
24 Januari 2020, EUR/USD
EURUSD trading plan:
We are expecting an uptrend to develop. Traders increase long positions in the precious metals market. This is a positive signal for the European currency. The gold futures were up 0.5%, a mirror-image of the decline in global stocks after China quarantined Wuhan and six cities nearby in an effort to contain the spread of the virus. Gold prices were supported, as normal, by falling bond yields, as both classes of haven benefited from inflows. U.S. 10-Year Treasury bond yields by five basis points to their lowest since early December.
Trading recommendation: Buy 1.1040 and take profit 1.1080.
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.
