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The Euro and gold are correlated

The Euro and gold are correlated | 12 November 2019

12 November 2019, EUR/USD

The Euro and gold are correlated

EURUSD trading plan:

We are expecting a bearish trend today. The Euro and gold are correlated. Investors are increasing short positions in the precious metals market. Gold prices fell and is now near a 3-month low. Positive trade negotiations between the United States and China are forcing investors to increase short positions in the gold market. Fed Chairman Jerome Powell suggested earlier that the U.S. central bank’s third-straight rate cut of a quarter point in October would be its last for the year. This is a positive factor for the U.S. dollar and a negative factor for precious metals.

Trading recommendation: Sell 1.1030 and take profit 1.1000.

TRADE OILS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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