Any Gold Traders Here?

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jack

Administrator
Staff member
I'm curious: Any spot or gold futures traders here?

I've spent years avoiding gold simply because I disliked the idea of a metal that had more value attributed to it from perception of value than actual utility (something like only 18% taken out of the ground is used industrially.) ..but in the last few weeks I've been taking a hard look at how it trades around dollar and political sensitive events, and so far I like what I see.

So, any gold traders out there? Scalpers? Swingers?

What's your general approach?

So far I've had a little luck scalping on short time frames, based only on seeing recent price moves and sequences repeat, but obviously the risk of getting run over by the herd of stampeding traders during a critical event is rather high... so I'm still refining my trade rules for it..
 

SLT

Official GDayFX.com Rep
I made this chart a couple of weeks back, i'm not sure it will play out, but you never know, so far it has provided a substantial bounce, it could find support, note XPTUSD has bounced to, as i thought it would... i know a lot of people turn there nose up at Elliott Wave counts, and that's fine by me! personally i don't trade with out it. one rule of EW is that, a C wave advance ends in the region of 4, which is 1500 in this case. And if you ask ICT, he would probably see the advance from the low and the recent pullback a possible buy model, bouncing off that sweet spot. I wouldn't be suprised if copper goes up now to
 

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SLT

Official GDayFX.com Rep
Copper making a come back, Jack...

Just a note, ElliottWave international predicted Gold to hit 1200, back when it was at 1800,
I didnt know much about trading back then, so i went short around the 1800 mark, though got stopped out, left it alone, then price got smashed! Doh!

Gold could be headed way way down... in time

Look how well gold has reacted to the POR levels
 

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SLT

Official GDayFX.com Rep
Do we really want to listen to what banks say?
EW predicted a top in gold....
Gold could still head for $700
 

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Yes... and Yes!
Swing trading on 4 hour charts. I have never tried trading Gold on a smaller time frame.
Gold has been one of my biggest earners so far this tax year - very pleased.
Perhaps I will post some photos shortly.
 

SLT

Official GDayFX.com Rep
love-the-pips said:
Yes... and Yes!
Swing trading on 4 hour charts. I have never tried trading Gold on a smaller time frame.
Gold has been one of my biggest earners so far this tax year - very pleased.
Perhaps I will post some photos shortly.

Thanks for taking up my Invitation to FxGears Samuel... 8)
 

Tauranga

Well-Known Member
Remarkable Gold charts thank you for sharing, very interesting to see when and where the Central Banks were active. I am very interested to see the volume added to these charts, you have sparked my curiosity in following Gold more closely. :)

GdayFx said:
Do we really want to listen to what banks say?
EW predicted a top in gold....
Gold could still head for $700
 

SLT

Official GDayFX.com Rep
GOLD
 

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jack

Administrator
Staff member
Is it a good time to invest in Gold?

I can't speak to investing in gold, but gold has been outstanding for day (and swing) trading over the past few months.

You can also look at AUD/USD, which has a high correlation with gold.
 

NewbieMarket

New Member
I specialize in day trade, Gold can give you 100 Pips in Minutes. Which in Forex in takes a lot of time to do that.
Its my favorite. My general approach is different from the ones who trade it like Forex and For me, Gold has always been better for intradays.
 
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