Trading the trend: long gold
We would like to use the recent decline in the gold price to go long gold, with a stop loss below the early May low at $2,275 per troy ounce, and an upside target at $2,440.
(AI Video Summary)
Previous trading outcomes
In this week's episode of "Trading the trend," Axel Rudolph discusses strategies on various trading assets. The TUI travel agent's share price, despite an initial fall, held above the January low and the 200-day moving average, presenting an ongoing valid trade.
For EUR/USD, the situation was mixed: a protective stop below a recent low could have exited some positions, while others remained profitable.
Natural gas was identified as profitable with recommendations to either secure profits or adjust stops to breakeven for a risk-free position.
This week's trading opportunity
This week's "Trading the trend" focuses on gold, viewed as an entry opportunity after its price pulled back from a recent peak. The suggested approach is to go long, with a stop loss below the early May low at $2,275 per troy ounce, and an upside target at $2,440.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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