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A bullish rally in the gold market

A bullish rally in the gold market | 24 July 2020

24 July 2020, EUR/USD

A bullish rally in the gold market

EURUSD trading plan:

A bullish rally in the gold market will have a positive impact on the value of the euro. Gold futures on Comex settled up 1.2%, at $1,888 per ounce. That was the highest since September 2011, when Comex gold hit a record high of $1,911.60. Gold’s continued rally came on the back of the dollar’s drop, as indicated by the Dollar Index, which ties the greenback to a basket of six currencies. Renewed U.S.-China tensions also boosted gold’s safe-haven appeal. This is a positive signal for the European currency, since the euro is correlated with gold.

Trading recommendation: Buy 1.1589 and take profit 1.1630.

David Johnson
Analyst of «FreshForex» company
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