Trading Gold is very risky but one of the most profitable spot instrument. There was a time I had to stop trading it because it could bless you today and tomorrow would be a different story.
But of recent I took few positions on it and it has been good. Then I came to realise that there is a way it behaves, if only you can sync and understand its behavior you can trade it successfully.
Guys what’s your say on trading XAUUSD?
Volatility needs to be embraced. Its how we make our money.
Gold has been great for me since xmas 2019.
With that being said there have only been four or five times I’ve been it
The trick is in knowing when to and when not to be in this market - as with all markets
Gold generally has two or three month consolidations where everybody gets bored with it - even bearish
It then surprises everyone and large gains are made. It then spikes, makes mainstream news, at which point it goes back to sleep.
Usually this coincides with very high spec positions and open interest in the futures market.
Although you can make money in the small daily fluctuations, it’s not where the big money is made
And I am attracted by the fact that it has a strong correlation with other assets, so it is quite interesting to work with it.
Work with any assets on the market is quite risky, you just need to avoid increasing risks and pay attention to fundamental analysis, then work with gold will become more effective.
Today, there are a large number of methods to analyze this asset.
You can try some of them to choose the one that will give you the most accurate understanding of the situation.
But caution in your actions must be present at every step.
Well, due to the fact that it correlates well with the dollar - it gives an excellent potential for daily work and, accordingly, for profit. Of course it has certain analysis features and some difficulties, but if you are interested in dealing with it then you will definitely find a solution to all the difficulties.