Correlation between the euro and gold | 04 6月 2021

04 6月 2021, EUR/USD

Correlation between the euro and gold

EURUSD trading plan:

A bearish rally in the precious metals market will have a negative impact on the value of the euro, as the European currency correlates with gold. Positive U.S. employment data buoyed the dollar and bond yields, and investors remained concerned about a potential pullback of stimulus measures. The U.S. recorded 385,000 initial jobless claims in the past week, lower than the 390,000 claims in forecasts. U.S. private employers increased hiring in May, with the ADP non-farm employment change rising to 978,000. The decreasing number of COVID-19 cases allowed businesses to re-open and boosted demand.

Investment idea: sell 1.2132 and take profit 1.2080.

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David Johnson
Analyst of «FreshForex» company
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