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Correlation between the euro and gold

Correlation between the euro and gold | 29 December 2020

29 December 2020, EUR/USD

EURUSD trading plan:

The uptrend in the commodity market will have a positive impact on the value of the euro, as the European currency is correlated with gold. The economic disruption and the unprecedented amount of stimulus that has been seen globally thanks to the COVID-19 virus have boosted gold to its best year since 2010. Also supporting the yellow metal is the optimism over the rollout of COVID-19 vaccines, which has led to bets on inflation and a weaker dollar. The U.S. Commodity Futures Trading Commission said on Monday that hedge funds and money managers raised their bullish positions in COMEX gold.

Investment idea: Buy 1.2230 and take profit 1.2272.

David Johnson
Analyst of «FreshForex» company
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