It appears gold is currently at its third highest price ever and might just break the record. Would you go long or short in such a scenario?
As for me personally even if it continues to rise it surely cant go much further. With that in mind I would go short on a 0.01 lot size and watch the price come down… eventually or quickly. What goes up usually come down and gold is no different. The bonus is that with such a small lot size even if it rises some more the amount is not enough to blow the account.
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probably long, from what you said
i have never traded gold and i don’t know the first thing about it, so doing the opposite of what i think i might do could be a very good idea
good luck, if you trade it!
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I was watching my usual pair USD/JPY at 7:25 (my time) because there was some news to be released re the USD. I suspected the pair would fall so I placed 3 short trades. It did fall but it fell over 10 times what I anticipated. If only I had used bigger lot sizes and employed a larger take profit my profit would have been at least 20 times more. I would have caught the gold had I traded it because gold usually moves opposite to USD/JPY.
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interesting, thanks (kind of makes sense?)
well done, anyway - at least you got the direction right!
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One of the 10 videos I posted has a strategy on trading NFP news, you should have a look at it.
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I have not traded gold yet, but a lot of friends are suggesting me to give it a shot. I think it’s a good time for buying that!
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I missed that news and was going long on a swing trade, it certainly swang and not in my favour and hit my stop loss!
It took a few major hits but I eventually learned the hard way that even though I trade based on Technical Analysis (TA) you still have to keep an eye on major news events (Fundamental Analysis [FA] ) that can impact the instrument you trade. Facts!
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I’m not too worried as the trade still ended within the strategy parameters and I’m also still trading demo account while I learn these lessons.
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The decision to go long or short in the current scenario is dependent on an individual’s personal trading strategy and risk tolerance. It is important to conduct thorough analysis and consider market conditions before making a decision.
All you have said there has contributed absolutely nothing to the thread. Everyone knows all of that. In the effort to sound profound and wise people are looking stupid. It never ceases to amaze to amaze that people who understand the English language cannot answer simple straight forward questions.
I’d be ready to go short when it turns. This is the usual spike that comes after the downturn as the USD weakens when markets stabilise. I suspect we’ll soon see the USD return to normal prices and gold tumbles in the process.
Gold is an interesting one. It looks like it could be very profitable if you know what you’re doing, but I’ve never found a strategy that works well on it
My strategy prevents me from making impulsive trades, so I won’t be going short. I know I’ll miss out on occasion but I’ve lost too much money trying to pick tops & bottoms. Gold is strong so I will be looking for a decent pullback and wait for another buy opportunity.
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Today, Friday Asian session, Gold has not hit 2050 against the US$, but is pulling back on the lower time frames. Now 2,042, at 7a.m. UK time.
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Sure, GOLD is going to collapse. watch out for selling opportunities.