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Telegram Forex Signals FX Trading posted: "Gold trading strategies by FxPremiere Forex Trading Signals
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Besides the usual statistics, gold is affected by political and economic factors, global disasters, terrorist attacks, and crises. The reason is that gold has tight connections wit"
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Gold trading strategies by FxPremiere Forex TradingSignals
Telegram Forex Signals FX Trading
Mar 1
Gold trading strategies by FxPremiere Forex Trading Signals
Besides the usual statistics, gold is affected by political and economic factors, global disasters, terrorist attacks, and crises. The reason is that gold has tight connections with different markets: equity or raw materials.
" data-image-caption data-medium-file="https://www.fxpremiere.com/wp-content/uploads/2023/02/CRYPTO-SIGNAL-pop-up-Copy.png?w=300" data-large-file="https://www.fxpremiere.com/wp-content/uploads/2023/02/CRYPTO-SIGNAL-pop-up-Copy.png?w=580" class=" wp-image-48677 size-full" title="Telegram forex signals" src="https://www.fxpremiere.com/wp-content/uploads/2023/02/CRYPTO-SIGNAL-pop-up-Copy.png" alt="Telegram forex signals" referrerpolicy="no-referrer" style="-ms-interpolation-mode: bicubic; max-width: 100%; margin-bottom: 24px; clear: both; display: block; margin: 0 auto; padding: 4px; background-color: white; border: 1px solid #ccc;">The dynamics of gold prices do not follow the usual logic. Trading on the news can be successful onlyafter the major releases or events. It is highly recommended not to open the position immediately after the event, because you do not know where the price will go. For example, the sharp fall in the equity market results in the rise of the gold price. As a result, you can make long positions.
Beginners Guide for Trading USDJPY
Fundamental trading strategy: correlations
Its not a secret gold has a strong negative correlation with the US dollar. That means, gold and the US dollar move in the opposite direction. The buy signal for gold means the sell signal for the USD and vice versa. A good thing to know is that one of the forms ahead of the other one and you can take a chance to make a profit.
Here is the strategy to trade the Gold using its correlation with the USD.
How to Start Making a Profit With Forex Trading
At first, open golds price chart and the USD cross currency pair (for example,USD/JPY) on your platform at the same time. Both of the charts are needed to be set at the same timeframe (for example, H1).
Secondly, determine the key support and resistance levels on both of the charts and wait for thebreakouts. In addition, take a look at the forms of the candlestick to find out the potential further direction of the price.
Take a note, that sometimes you can find a resistance line on the USD/JPY chart, but cannot determine any visible support on the gold chart. However, the breakout of the resistance on USD/JPY chart will be followed by a sell signal on the Gold chart. Therefore, if the USD is strong on USD/JPY, it will signal to sell the gold.
Benefits of trading the forex market
The price movements of gold are correlated with its seasonal pattern. Gold can be stronger during certain times of the year and weaker during the other times. Moreover, these periods repeat themselves during the same parts of the year. Gold tends to go up in the first quarter of the year as well as during the last months of the year.
The first step is to buy gold in the months when Gold price tends to increase. It tends to happen at the beginning of the year (in January and February).
Wait for the other confirmations, based on technical figures, oscillators (MACD, RSI) and forms of candlesticks for the potential reversal.
If the gold is following its seasonal pattern in January, make a long position.
Take profits before the end of February. Remember, if gold has followed its seasonal pattern in first months, the seasonal cycle will likely to continue. According to the seasonal pattern, March is the worst month for trading gold, so it is better to close your position before it.
Tip: the spot price for gold displayed in the charts is set around 10:30 and 15:00 GMT after different auctions made by the major players in the gold industry. Most of the traders open or close their position during this period. That is why it is recommended to trade gold within these time limits.
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