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Correlation between the Euro and gold

Correlation between the Euro and gold | 05 November 2020

05 November 2020, EUR/USD

Correlation between the Euro and gold

EURUSD trading plan:

The bullish rally in the precious metals market will have a positive impact on the value of the European currency. The U.S. elections were the focus of investors on Thursday morning in Asia, with the race much tighter than expected. Currently, Democrat Joe Biden has 264 of the needed 270 electoral college votes. Democrat president is expected to push for a large COVID-19 stimulus package, which will in turn push gold values higher. The ECB has published fresh statistics on the change in assets on its balance sheet. Assets fell by 6.06 billion euros, against an increase of 38.3 billion euros a week earlier. This is a good signal for the euro!

Trading recommendation: Buy 1.1737 and take profit 1.1765

David Johnson
Analyst of «FreshForex» company
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