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Correlation between the European currency and gold

Correlation between the European currency and gold | 09 October 2020

09 October 2020, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

A bullish rally in the precious metals market will have a positive impact on the value of the Euro, as the European currency is correlated with gold. The World Gold Council’s gave the yellow metal a further boost via its statement that gold-backed, exchange-traded funds added more than 1,000 tons of bullion worth $60 billion at current prices to their stockpiles during the first nine months of 2020, catalyzing a price rally. The statement added that central banks sold more gold than they bought in August globally, reversing the year-and-a-half-long run of monthly gold accumulation, halting a rapid rise in prices.

Trading recommendation: Buy 1.1785 and take profit 1.1825.

David Johnson
Analyst of «FreshForex» company
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