The correlation between the euro and gold | 24 Octubre 2023
24 Octubre 2023, EUR/USD
EURUSD trading plan:
Geopolitical tensions in the Middle East are having a positive impact on the price of gold, which supports the euro as a single currency, as assets are historically well correlated. The war between Israel and Palestine is forcing banks and investment funds to increase their purchases of precious metals, as gold has always been seen as a safe haven for investors. It is difficult to predict when this conflict will end as there is no sign of de-escalation.
Investment idea: buy 1.0650 and take profit 1.0710.
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.
