Correlation between the European currency and gold | 05 Enero 2022
05 Enero 2022, EUR/USD
EURUSD trading plan:
Gold prices rose as demand for the safe-haven metal was boosted by worries over a surge in COVID-19 cases of the Omicron variant that could threaten global economic recovery. Several countries have imposed fresh restrictions to tackle a surge in cases driven by the new variant. Gold's gains came despite higher U.S. Treasury yields and a stronger dollar, with Fed funds futures traders pricing in three rate hikes by the Federal Reserve by the end of 2022. This is a positive signal for the European currency, since the euro correlates with gold.
Investment idea: buy 1.1259 and take profit 1.1307.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
