What is the best way to learn to trade gold?

Beginner Questions
21

Maybe so, but why does it follow, from that, that “no one on this forum will have any clue”?! :neutral_face:

22

Obviously it doesn’t.

You only need to read the thread (and/or others) to see that.

But unfortunately some members seem to be here primarily to criticize others rather than to contribute anything. Best, probably, to follow the example of @tommor and add such people to your ignore list, as and when you identify them (there are quite a few of them, undeniably!).

2 Likes
23

We must not forget that gold is a very volatile instrument, so stop losses here may not be small. And the spreads here will be larger than on the main currency pairs. Therefore, if you really want to trade this instrument, the lots in transactions should not be large in order to avoid large losses.

24

I use a combination of 1 and 5 in my gold trading

  1. Trend Following Strategy: Observe the direction of the gold price trend and trade in the same direction. Use technical indicators such as moving averages, MACD, or RSI to identify the trend and potential entry points.

  2. Support and Resistance Strategy: Identify key support and resistance levels on the gold price chart. Buy near support levels and sell near resistance levels, expecting the price to bounce back or break through these levels.

  3. Breakout Strategy: Wait for a clear breakout above resistance or below support levels before entering a trade. Use price action or technical indicators to confirm the breakout and enter a position in the direction of the breakout.

  4. Range Trading Strategy: Trade within a defined range when the gold price is consolidating. Buy near the lower boundary and sell near the upper boundary of the range.

  5. News Trading Strategy: Monitor major economic and geopolitical events that can impact gold prices, such as interest rate decisions, inflation data, or political uncertainty. Trade based on the expected market reaction to these events.

  6. Dollar Strength Strategy: Gold prices often move inversely to the US dollar’s strength. Monitor the US Dollar Index (DXY) and trade gold based on the dollar’s weakness or strength.