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Correlation between the European currency and gold

Correlation between the European currency and gold | 24 March 2021

24 March 2021, EUR/USD

EURUSD trading plan:

The ECB has published fresh statistics on the change in assets on the balance sheet. The indicator increased by €24.7 billion over the week, against €17.1 billion a week earlier. This is a negative signal for the euro. Gold was up on morning in Asia, with investors and Congress reassured by U.S. Federal Reserve Chair Jerome Powell that inflation will remain under control. U.S. Treasury yields fell after Powell told Congress on Tuesday that he expected inflation to rise over the course of the year, but it would be «neither particularly large nor persistent». This is a positive signal for the European currency, as the euro is correlated with the precious metal.

Investment idea: range 1.1806 - 1.1891

David Johnson
Analyst of «FreshForex» company
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