Trading the trend: long gold
The recent sell-off in the gold price may represent a medium-term buying opportunity which is why we would like to go long gold, with a stop loss below the mid-March lows at $2,145 and an upside target around the $2,500 mark.
(AI Video Summary)
Previous VIX and EUR/USD trading outcome
In this week's episode of "Trading the trend", Axel Rudolph revisits his previous successful trade of going short on the volatility index in mid-April, capitalising on geopolitical tension-induced fluctuations without being stopped out, suggesting profit-taking or stop-loss adjustments to safeguard against losses. He also highlights a profitable short position on the EUR/USD currency pair, with advice on managing risk through stop-loss strategies.
This week's trading opportunity
Rudolph then recommends to go long on buying gold futures, anticipating a rise, but advised a cautious approach with a wide stop-loss due to potential volatility from imminent FOMC and non-farm payroll reports, targeting a significant upside. He advises going with a stop loss below the mid-March lows at $2,145 and an upside target around the $2,500 mark.
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