Correlation between the Euro and gold | 03 November 2020

03 November 2020, EUR/USD

Correlation between the Euro and gold

EURUSD trading plan:

A bullish rally in the precious metals market will have a positive impact on the price of gold. U.S. election moves into its final day of in-person voting, investors looked to gold to take advantage of the myriad uncertainties swirling about the outcome. Democrat contender Joe Biden looks most likely to win the presidency, however, the race in battleground states is far from certain. Should Joe Biden and the Democrats win, markets are also factoring in what is likely to be a substantial COVID-19 stimulus program, weakening the dollar and boosting gold value in response. The potential for the Democrats to control the House, Congress and the presidency is also creating a positive scenario for gold prices.

Trading recommendation: Buy 1.1670 and take profit 1.1707

David Johnson
Analyst of «FreshForex» company
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