Trade of the week: short gold
Gold once more seems to be topping out slightly below the $2,400 per troy ounce mark which is why we would like to short it with a stop loss at $2,405 and a downside target around $2,300.
(AI Video Summary)
Previous corn futures, EUR/USD and CAC 40 trading outcome
In this week's "Trade of the week" for 8 July, 2024, Axel Rudolph reviews recent movements in the markets that affect trading opportunities and outcomes. He first discusses closing a profitable short position in corn futures entered around 452, advising adjustments to profit stops or exiting entirely around 415.
Additionally, he highlights a successful long position in the EUR/USD from $1.0715 aiming for a target near $1.0900, and a bullish stance on the French CAC 40 index following the French elections, with a potential target of 7,850.
This week's trading opportunity
For the current week, the recommended strategy is to go short on spot gold at approximately $2,370 per troy ounce, setting a stop loss at $2,405 and a downside target around $2,300, identifying an interim top just below the $2,400 threshold.
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