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Correlation between the European currency and gold

Correlation between the European currency and gold | 05 August 2022

05 August 2022, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

Gold extended gains as geopolitical tensions between the US and China intensified, boosting haven demand. Bullion is hovering near a four-week high as the fallout from US House Speaker Nancy Pelosi’s visit to Taiwan keeps markets on edge. While anxiety eased somewhat after the trip ended, China has since started military drills in areas surrounding the island. China fired 11 Donfeng ballistic missiles into waters surrounding Taiwan in the biggest test in decades. Bullion has ticked up with geopolitics. This is a positive signal for the European currency, as assets correlate with each other.

Investment idea: buy 1.0205 and take profit 1.0287.

David Johnson
Analyst of «FreshForex» company
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