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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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