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Correlation between the European currency and gold

Correlation between the European currency and gold | 05 January 2022

05 January 2022, EUR/USD

Correlation between the European currency and gold

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.

David Johnson
Analyst of «FreshForex» company
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