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Correlation between the euro and gold

Correlation between the euro and gold | 07 May 2021

07 May 2021, EUR/USD

EURUSD trading plan:

The bullish rally in the gold market will have a positive impact on the value of the European currency, as the assets are correlated with each other. Gold was up in Asia, ending the week close to a two-and-a-half-month high. The dollar slid to a one-week low and the benchmark U.S. 10-year Treasury yield fell close to a two-week low on the back of positive economic data from the U.S. The US Federal Reserve has published fresh statistics on the change in assets on the balance sheet. Assets increased by $ 29.5 billion over the past week. This is a negative signal for the dollar.

Investment idea: buy 1.2050 and take profit 1.2090.

David Johnson
Analyst of «FreshForex» company
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