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Correlation between the euro and gold

Correlation between the euro and gold | 10 March 2021

10 March 2021, EUR/USD

EURUSD trading plan:

A downtrend in the precious metals market will have a negative impact on the value of the European currency, as the euro correlates with gold. The Organization for Economic Cooperation and Development’s interim economic outlook predicted that the world economy is set to rebound in 2021 with 5.6% growth and expand 4.0% in 2022. This is a negative signal for gold, as investors will increase long positions in "high-yield assets". A surge in U.S. Treasury yields in recent weeks reduces the attractiveness of gold.

Investment idea: sell 1.1895 and take profit 1.1862.

David Johnson
Analyst of «FreshForex» company
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