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Correlation between the European currency and gold

Correlation between the European currency and gold | 20 December 2021

20 December 2021, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

European Central Bank will quickly be able to assess if inflation falls as expected next year and can adjust its monetary policy accordingly. "There are indications that there's a danger that inflation comes in higher (than the current forecast)," ECB policymaker Robert Holzmann told. "If there's no sharp decline, other (central bank) colleagues will certainly review their positions and we'll change our monetary policy," he said. This is a positive signal for the euro. The uptrend in gold will provide additional support to the European currency, because assets correlate with each other. Gold rose above the key $1,790 level and was set for its first weekly gain in five as worries over the Omicron surge and hot inflation drove investors to safe-haven assets.

Investment idea: buy 1.1221 and take profit 1.1272.

David Johnson
Analyst of «FreshForex» company
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