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Correlation between Euro and gold

Correlation between Euro and gold | 08 November 2019

08 November 2019, EUR/USD

EURUSD trading plan:

Investors are increasing short positions in the precious metals market which will negatively affect the value of the Euro, as this currency correlates with gold. Gold headed for the biggest weekly loss in more than two years as progress in U.S-China trade talks hammered demand for havens. Gold prices have been sustained in 2019 by the frictions thrown up by the trade conflict. Washington and Beijing moved closer to a phase-one agreement. This factor forces traders to sell low-yielding assets-the Euro, the Japanese yen and precious metals. Investors are increasing long positions in stock markets now.

Trading recommendation: Sell 108.88 and take profit 109.31.

TRADE OILS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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