06 October 2021, EUR/USD
EURUSD trading plan:
Gold prices fell pressured by a firmer dollar and rising U.S. Treasury yields. Gold is often viewed as an inflation hedge, but reduced Federal Reserve stimulus and interest rate hikes tend to push government bond yields up, translating into a higher opportunity cost for holding non-interest yielding bullion. Chicago Fed President Charles Evans said on Tuesday he continued to believe supply bottlenecks were driving most of the recent increase in inflation and would subside. He also repeated that the central bank was close to begin reducing its monthly asset purchases. This is a negative signal for the European currency, because the euro correlates with gold.
Investment idea: sell 1.1600 and take profit 1.1550.
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