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Correlation between Euro and gold

Correlation between Euro and gold | 06 April 2020

06 April 2020, EUR/USD

Correlation between Euro and gold

EURUSD trading plan:

We are expecting an uptrend to develop. A bullish rally in the precious metals market will have a positive impact on the value of the European currency. The arbitrage between spot and futures market continued, as demand for bars and coins in Europe continued to outstrip supply. This is a positive factor for gold! The negative macroeconomic statistics from the United States will have a will have a negative impact on the value of the dollar. The U.S. economy shed 701,000 jobs in the month to mid-March, the government said in a monthly labor market report.

Trading recommendation: Buy 1.0775 and take profit 1.0861.

David Johnson
Analyst of «FreshForex» company
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