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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #8,881
  • Aug 15, 2011 12:40pm Aug 15, 2011 12:40pm
Quoting adaseb
Hey how do you guys trade Gold?

Do all of you trade on the futures market/stock market?

Or do you guys use some spot forex broker?
Not sure about the others, but I could see that they are trading with present prices, so I'm completely sure nobody here is trading futures.

As for how we are trading it... well, my broker offers it as a regular instrument, like any currency pair, stock, index and such.

It's not traded with real gold though, but you're actually making a CFD (contract for difference) with your broker, which means that you're making profit on exclusively the difference between prices on opening and closing of your position. You never get to own the commodity in reality.

And I think all the brokers offer it, you just have to find it on the trading platform provided by your broker.
  • #8,882
  • Aug 15, 2011 12:45pm Aug 15, 2011 12:45pm
Closing long position from $1725.00 to $1760.00 today. Thanks for tips and guidance guy! I'll wait for gold price to retrace around $1730 before taking new long positions again.

cheers
  • #8,883
  • Aug 15, 2011 1:14pm Aug 15, 2011 1:14pm
Quoting Icosahedron
Not sure about the others, but I could see that they are trading with present prices, so I'm completely sure nobody here is trading futures.

As for how we are trading it... well, my broker offers it as a regular instrument, like any currency pair, stock, index and such.

It's not traded with real gold though, but you're actually making a CFD (contract for difference) with your broker, which means that you're making profit on exclusively the difference between prices on opening and closing of your position. You never get to own the commodity...
What is your spread if you trade it on a CFD broker? I assumed that the spread is usually very large and not good for scalping.

Gold Futures tick value is currently too large for most and it seems the next best alternative if you want a small spread is to trade it on the NYSE ticker GLD. Which has a spread of 0.01-0.02 but at least you get to pick your lot sizes, unlike futures which is 100 oz.

Just wondering if you guys have a better alternative?
  • #8,884
  • Aug 15, 2011 2:09pm Aug 15, 2011 2:09pm
Quoting adaseb
What is your spread if you trade it on a CFD broker? I assumed that the spread is usually very large and not good for scalping.

Gold Futures tick value is currently too large for most and it seems the next best alternative if you want a small spread is to trade it on the NYSE ticker GLD. Which has a spread of 0.01-0.02 but at least you get to pick your lot sizes, unlike futures which is 100 oz.

Just wondering if you guys have a better alternative?
I don't know how the NYSE way would work, but I definitely don't recommend scalping commodities with the kind of broker I have.

The spread on gold is 60 pips and 80 for silver. I've been attempting to scalp metals for around 2 weeks on my demo with this same broker and it simply doesn't work, as they're too volatile on short terms (few minutes), too hard to predict (well, at least I had difficulties as they aren't really s/r respecting as currency pairs) and... well, they have huge spread, obviously.

By the way, I can choose my lot size when trading gold, it's not like futures.
Also, my broker offers fixed spread so obviously you could get a broker that has lower spreads during specific hours (and higher during the others).
  • #8,885
  • Aug 15, 2011 2:40pm Aug 15, 2011 2:40pm
my view on silver atm
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  • #8,886
  • Aug 15, 2011 2:44pm Aug 15, 2011 2:44pm
On the brink! Can she pop 1765 rez before 5 pm!!!

looks like the ma squueeeeze popped her up H1 she is above all three
50 100 and 200 now. On h1

Flipping to H4. Clear support at 1730 and reinforced by
the 50 sma take a peek.
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,887
  • Aug 16, 2011 2:22am Aug 16, 2011 2:22am
5 Reasons gold price will touch the sky
  • #8,888
  • Aug 16, 2011 2:38am Aug 16, 2011 2:38am
Well, the sky limit is at 2000, after that is out in the space .
  • #8,889
  • Aug 16, 2011 2:40am Aug 16, 2011 2:40am
Just to follow on from my post #8961..

Price bottomed at the blue LP with a spike low that did not go as low in the red fork as the previous low - see the red SP. It then touched the LP again which gave a long entry and moved higher.

First resistance was the blue ML, a small excursion down the red UP and then back to resistance at the blue ML. Meantimes it also took out horizontal resistance - the purple line...

beeb
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  • #8,890
  • Aug 16, 2011 3:09am Aug 16, 2011 3:09am
SI 20 min

http://www.screencast.com/t/uU1nG4v1

beeb
  • #8,891
  • Aug 16, 2011 3:20am Aug 16, 2011 3:20am
Quoting Icosahedron
Not sure about the others, but I could see that they are trading with present prices, so I'm completely sure nobody here is trading futures.

I trade futures GC and SI - as you can see from my charts..

beeb
  • #8,892
  • Aug 16, 2011 6:01am Aug 16, 2011 6:01am
Quoting adaseb
Hey how do you guys trade Gold?

Do all of you trade on the futures market/stock market?

Or do you guys use some spot forex broker?
gold buy in dip then hold
  • #8,893
  • Aug 16, 2011 8:54am Aug 16, 2011 8:54am
Looks like the price is gunning to test the high.

1792 potential resistance. If that's cleared we should be good for a test then potential breach.

Nice chart beeb! THX
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,894
  • Aug 16, 2011 9:09am Aug 16, 2011 9:09am
Quoting XTrade
Looks like the price is gunning to test the high.

1792 potential resistance. If that's cleared we should be good for a test then potential breach.

Nice chart beeb! THX
Thanks XTrade

The dip came right at the WL of the red fork and found support at the quartile of the blue - amazing how these things work lol.....

beeb
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  • #8,895
  • Aug 16, 2011 9:27am Aug 16, 2011 9:27am
Silver pushing over 40!!!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,896
  • Aug 16, 2011 9:27am Aug 16, 2011 9:27am
Quoting beeb
Thanks XTrade

The dip came right at the WL of the red fork and found support at the quartile of the blue - amazing how these things work lol.....

beeb
I have to get started with those forks.

I'd like to ask you how you get those additional lines (I get only 3 on my platform, so I'm wondering if you're drawing them manually or your platform does it differently).
  • #8,897
  • Aug 16, 2011 9:28am Aug 16, 2011 9:28am
most here via spot FX broker.

beeb and a select few others I'm not sure of (not regulars) trade futures. Maybe Bemac. Not sure on him....

Quoting adaseb
Hey how do you guys trade Gold?

Do all of you trade on the futures market/stock market?

Or do you guys use some spot forex broker?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,898
  • Aug 16, 2011 9:32am Aug 16, 2011 9:32am
Quoting Icosahedron
I have to get started with those forks.

I'd like to ask you how you get those additional lines (I get only 3 on my platform, so I'm wondering if you're drawing them manually or your platform does it differently).

I use Ensign charting platform with Esignal feeds as it says on my profile page. This can be expensive for a newbie but IMHO you should get the best possible tools for the trade as soon as you can justify doing so...

beeb
  • #8,899
  • Aug 16, 2011 10:13am Aug 16, 2011 10:13am
It's amazing what a good charting pack like
CQG
Esignal
what that other one? umm.....

Can do.

I find it repulsive that most retail fx brokers don't even offer a simple DEPTH OF MARKET!

Usually a true ECN will have one... But they still lack in cleanliness of charting.

look at how simple beeb's charts are as opposed to an mt4 chart.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,900
  • Aug 16, 2011 10:18am Aug 16, 2011 10:18am
SI 20mins running well

http://www.screencast.com/t/yUcA3BtVnjl

beeb
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