Correlation between the Euro and gold | 04 February 2020
04 February 2020, EUR/USD
EURUSD trading plan:
We are expecting a downtrend to develop. Investors are increasing their short positions in the precious metals market. This is a negative signal for the European currency! The People’s Bank of China flooded the economy with cash today to support the country’s economy hit by the widening coronavirus. The central bank injected 400 billion yuan into the banking system through reverse repurchase agreements. It was the largest single-day addition in more than a year. This is a negative signal for gold!
Trading recommendation: Sell 1.10630 and take profit 1.1042.
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.
