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A bullish rally in the precious metals market

A bullish rally in the precious metals market | 26 February 2020

26 February 2020, EUR/USD

A bullish rally in the precious metals market

EURUSD trading plan:

Good and bad news for the Euro. A bullish rally in the precious metals market will have a positive impact on the value of the European currency. Gold rose as worries about the economic impact of the virus outbreak boosted safe-haven assets. China and South Korea reported 500 new coronavirus cases on Wednesday, including the first U.S. soldier to be infected, as the United States warned of an inevitable pandemic and an outbreak in northern Italy spread to several European countries. Austria sealed off the 108-room Grand Hotel Europa in the Alpine tourist hub of Innsbruck after an Italian receptionist tested positive for the flu-like virus that originated in China and has spread to about 30 countries. Italy has become a frontline in the global outbreak of the virus, with 280 cases and 10 deaths, most in Lombardy and nearby Veneto. This is a negative signal for the Euro.

Trading recommendation: range 1.0830-1.0895.

David Johnson
Analyst of «FreshForex» company
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