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Correlation between the euro and gold

Correlation between the euro and gold | 07 April 2021

07 April 2021, EUR/USD

Correlation between the euro and gold

EURUSD trading plan:

The eurodollar futures, the most liquid interest rate market still has almost fully priced in a Fed hike by December 2022, and two more rate increases in 2023. I think the Fed will stick to what they said. The Fed tells us that they're not going to raise rates, and they're going to let inflation overshoot. The Federal Reserve cannot raise rates in a panic reaction to an inflation overshoot, or it will lose its credibility. This is a negative signal for the dollar! Additional support for the European currency will be provided by a bullish rally in the precious metals market, as the euro correlates with gold.

Investment idea: buy 1.1850 and take profit 1.1910.

David Johnson
Analyst of «FreshForex» company
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