Correlation between gold and the euro | 19 Januari 2021

19 Januari 2021, EUR/USD

Correlation between gold and the euro

EURUSD trading plan:

Gold was up in Asia, climbing back up from the one-and-a-half-month low seen during the previous session, as hopes for further stimulus measures to boost economic recovery from COVID-19 countered a firmer dollar. Traders await comments from Secretary of the Treasury nominee Janet Yellen, on U.S. stimulus measures and the dollar during her Senate confirmation hearing later in the day. Yellen is reportedly expected to affirm the U.S.' commitment to market-determined exchange rates and indicates that the country doesn’t seek a weaker dollar for competitive advantage. This is a positive signal for gold and the euro, as the assets are correlated with each other.

Investment idea: Buy 1.2080 and take profit 1.2130.

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David Johnson
Analyst of «FreshForex» company
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