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Correlation between the European currency and gold

Correlation between the European currency and gold | 30 December 2021

30 December 2021, EUR/USD

EURUSD trading plan:

A downtrend in gold will have a negative impact on the value of the European currency, as assets correlate with each other. Gold prices hit a one-month high on Tuesday, but slipped to a one-week low the very next session before closing unchanged, and were on track for their biggest annual percentage decline since 2015. Benchmark 10-year U.S. Treasury yields steadied near a one-month peak, raising the opportunity cost of holding non-interest paying gold. The European Central Bank's forecasts that inflation in the euro zone will be below 2% in 2023 and 2024 are exposed to downside not just upside risks, ECB Governing Council member Ignazio Visco said in an interview. This is an additional negative signal for the European currency.

Investment idea: sell 1.1330 and take profit 1.1290.

David Johnson
Analyst of «FreshForex» company
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