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Correlation between the European currency and gold

Correlation between the European currency and gold | 09 November 2021

09 November 2021, EUR/USD

Correlation between the European currency and gold

EURUSD trading plan:

Gold prices hovered near a two-month peak on a softer dollar and U.S. bond yields, as investors awaited key U.S. inflation data to gauge the Federal Reserve’s next move on rate hikes. A subdued dollar and lower benchmark 10-year Treasury yields kept bullion’s appeal intact. Fed Vice Chair Richard Clarida and Chicago Fed President Charles Evans suggested a rate hike was not yet on the cards. Gold has benefited from near-zero interest rates introduced during the pandemic as they reduce bullion’s opportunity cost. The uptrend in the precious metals market will have a positive impact on the value of the European currency, as assets correlate with each other.

Investment idea: buy 1.1585 and take profit 1.1640.

David Johnson
Analyst of «FreshForex» company
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