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Correlation between gold and the euro

Correlation between gold and the euro | 11 May 2021

11 May 2021, EUR/USD

EURUSD trading plan:

Gold held near the highest level in three months. This is a positive signal for the European currency, as the assets are correlated with each other. Bond market expectations for the pace of consumer price inflation over the coming half decade surged on Monday to the highest level since 2006. The jump in the five-year breakeven rate comes amid a run-up in commodities and adds to a longer-term uptick in inflation bets that’s been fueled by improving prospects for growth, plans for infrastructure spending and pandemic-related stimulus measures. This is a positive signal for gold!

Investment idea: buy 1.2120 and take profit 1.2185.

David Johnson
Analyst of «FreshForex» company
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