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Correlation between the European currency and gold

Correlation between the European currency and gold | 08 November 2021

08 November 2021, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

A bullish rally in the precious metals market will have a positive impact on the value of the European currency, as assets correlate with each other. Extremely low interest rates to spur economic growth during the pandemic have pushed gold prices to new highs over the last two years, as easy monetary policy cuts the opportunity cost of holding non-yielding assets. The Federal Reserve stuck to its view that inflation would prove “transitory” and would likely not require a fast rise in interest rates. Following that, the Bank of England surprised markets by keeping rates on hold.

Investment idea: buy 1.1537 and take profit 1.1590.

David Johnson
Analyst of «FreshForex» company
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