Anyone try using XAU/USD - XAU/EUR as proxy for EUR/USD?

Any thoughts on using difference of the two above as a proxy for EUR/USD?

Why not EUR/JPY and USD/JPY

or EUR/GBP and GBP/USD, etc..

It's the same thing, two trades cancel each other out and leave you with a net EUR/USD position, but you pay double the spread.

It's only useful at times if you are trading pure FA, you can combine this with stoploss placement to effectively 'hedge' one side of a trade if you want to keep exposure to the other currency.

I used "proxy" in the wrong sense.
Wasn't interested trading difference of XAUs with or in lieu of EURUSD or as a hedge.

Was wondering if anyone uses it as an indication of EURUSD movement.

OK. My brain is fried right now and I'm trying to wrap my head around a math formula so that I can try building an indicator around it.

I want to standardize 100,000 EUR to Gold Units and then 100,000 USD to Gold Units.

First, why...this will give me a flat comparison to EUR/USD.

I can go to XE and with their converter convert 100,000 EUR or USD to XAU units and get a figure for both then divide to two to get a alternate reading for EUR/USD.

I'd like to get the figures from existing broker quotes...XAU/EUR, XAU/USD, EUR/USD

I know I can just do XAUUSD / XAUEUR and that will give me an approximation but I'd like the raw figures each for 100,000 EUR to Gold Units and then 100,000 USD to Gold Units.

Can anyone help please with the math. Thanks in advance.

Looks like USDCAD is best when trading XAUUSD, just fast look, nothing more, no deeper analyzises.
Indicator is not mine, I just modified it.