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Correlation between the European currency and gold

Correlation between the European currency and gold | 27 August 2021

27 August 2021, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

The uptrend in the precious metals market will have a positive impact on the value of the European currency, since assets are correlated with each other. Gold prices rose above the key psychological level of $1,800 on Friday, supported by safe-haven demand and a dip in the dollar ahead of a speech by the U.S. central bank chief that will be scanned for cues on stimulus tapering. Gold is viewed as a hedge against inflation and currency debasement. Investors are now waiting for U.S. Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole, Wyoming, and symposium at 14:00 GMT for any hints about when the Fed will begin tapering its asset purchasing programme.

Investment idea: buy 1.1740 and take profit 1.1800.

David Johnson
Analyst of «FreshForex» company
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