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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Trade of the week: long gold

This week we look at going long gold, as the price rebounds from some recent losses.

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(AI video summary)

Previous GBP/USD trading outcome

In this week's IG "Trade of the week", Chris Beauchamp discusses the previous and upcoming trades. Last week's recommendation of going long on GBP/USD was stopped out early due to increased market volatility and hitting a stop loss at 1.27. Despite this, signs suggest GBP/USD might still be trending upwards if it crosses the 50-day moving average.

This week's trading opportunity

This week, focus shifts to going long on gold, motivated by recent bounces near the 50-day moving average, with a target price of 24.83 and a stop at 23.73, considering gold's recent peak and consistent volatility. Upcoming UK and US inflation data could impact market conditions, suggesting traders stay vigilant.


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