Trade of the week: long Nikkei 225
This week, we will go long the Nikkei 225 index, currently trading at 41,313. We will strategically place our initial target at 42,500, and a stop loss at 40,575.
(AI Video Summary)
Previous spot gold trading outcome
In this week's edition of "Trade of the week", Chris Beauchamp reviews his IG colleague Axel Rudolph's short trade on spot gold initiated last week at around 2,372. The trade has since stopped out around 2,400, rendering it an unprofitable trade. The chart shows that gold appears to be preparing to push higher once again.
This week's trading opportunity
Beauchamp also introduces a new trade idea for the week, focusing on going long on the Nikkei 225 index. Driven by a strong run since late June despite brief volatility due to Japanese Ministry of Finance's forex interventions, the Nikkei is expected to continue its upward trend. The trade sets a long position on the Nikkei, which is currently trading at 41,313 with a stop loss set at 40,575 and a target of 42,500.
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