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Correlation between the European currency and gold

Correlation between the European currency and gold | 20 January 2022

20 January 2022, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

Gold rose more than 1% as a retreat in the dollar and geopolitical tensions surrounding Ukraine burnished safe-haven bullion's appeal, sparking a rally in precious metals. U.S. Secretary of State Antony Blinken said earlier in the day Russia could launch a new attack on Ukraine at very short notice but Washington would pursue diplomacy as long as it could. The yellow metal also benefited from its appeal as a hedge against inflation as oil prices rose to their highest since 2014, sparking concerns that price pressures could intensify. This is a positive signal for the European currency, as assets correlate with each other.

Investment idea: buy 1.1330 and take profit 1.1377.

David Johnson
Analyst of «FreshForex» company
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