26 November 2021, EUR/USD
EURUSD trading plan:
Gold prices gained, as concerns over the spread of a newly identified coronavirus variant boosted the metal's safe-haven appeal. The variant, detected by scientists in South Africa, may be able to evade immune responses and has prompted Britain to hurriedly introduce travel restrictions on the African nation. Two-year yields, a guide to short-term U.S. interest rate expectations, fell 6.7 basis points to 0.57% the sharpest drop since March 2020. Further aiding gold's climb, the dollar index eased 0.2% from a 16-month peak scaled earlier this week. A weaker dollar reduces gold's cost to buyers holding other currencies, while lower yields decrease the non-yielding metal's opportunity cost. This is a positive signal for the European currency, since the euro correlates with gold.
Investment idea: buy 1.1206 and take profit 1.1245.
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