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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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Forex Commodities Gold GBP/USD United States dollar Pound sterling
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

(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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