Correlation between the euro and gold | 19 April 2021

19 April 2021, EUR/USD

Correlation between the euro and gold

EURUSD trading plan:

The bullish rally in the precious metals market will support the European currency as the euro correlates with gold. Gold had its best week since December, with U.S. inflation risks and a reintroduction of political risk hedging helping set the yellow metal on a potential return to $1,800 pricing. Gold’s resurgence this week came as U.S. bond yields plunged amid a hike in consumer prices that reasserted the yellow metal’s diminished role as a hedge against inflation. U.S. bond yields, measured by the 10-year Treasury note, hovered at 1.6%, markedly lower from a 14-month high of 1.77%. This is a positive signal for gold.

Investment idea: buy 1.1950 and take profit 1.2000.

David Johnson
Analyst of «FreshForex» company
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