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Correlation between euro and gold

Correlation between euro and gold | 04 May 2020

04 May 2020, EUR/USD

Correlation between euro and gold

EURUSD trading plan:

A bullish rally in the precious metals market will have a positive impact on the value of the European currency. Gold was up on the back of heightened U.S.-China tensions over the weekend. U.S. President Donald Trump said raising tariffs on China is “certainly an option” as he accused China of mishandling the spread of the COVID-19 pandemic. U.S. Secretary of State Mike Pompeo umped into the fray, saying overnight that there was “a significant amount of evidence” that the COVID-19 virus originated in a Chinese laboratory but did not elaborate on what the evidence was. Geopolitical tensions are forcing investors to increase their positions in the precious metals market.

Trading recommendation: Buy 1.0925 and take profit 1.0980

David Johnson
Analyst of «FreshForex» company
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