GOLD Question

Discussion in 'Commodities, Stocks, and Indices' started by ezrydn, Aug 5, 2013.

  1. ezrydn

    ezrydn Active Trader

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    Since GOLD went UNDER $1300 this morning, can someone direct me to a list of countries/currencies based on GOLD, besides Australia and Canada?

    Thanks. My evil mind's at it again! LOL
     
  2. Easy Trader

    Easy Trader Master Trader

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    Aussi is the one I would stick with. You could use USD against it (AUDUSD) with the idea that the money hiding in the USD will jump over to Bullish gold, if that's your evil minds bias of course ;)

    Edit: Just an idea, I don't trade this way so take it with a grain of salt.
     
    Last edited: Aug 5, 2013
  3. Enivid

    Enivid Administrator Staff Member

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    South Africa and Russia both are big producers of gold. Russian economy is also very dependent on oil, so if you want more gold-dependent currencies, you should probably skip it.
     
  4. ezrydn

    ezrydn Active Trader

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    The last two weeks have been eye-opening, to say the least. I've simply been scaling GOLD like it going outta style. Even with it's drop under $1300 surprised me. It went "off mkt" a couple of times then reappeared. Movement has slowed but profit is still there for the taking.

    With it's descent, I was wondering about GOLD-based currencies, not producers.
     
  5. michael77

    michael77 Trader

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    I never trade on material, but as far i know that if any body have depth knowledge, only then can do well. Trading on material is less volatile but it also become very risky.
     
  6. ezrydn

    ezrydn Active Trader

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    GOLD is MORE volatile. Therein lies the profit.
     
  7. xProphet

    xProphet Active Trader

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    I think gold was in a major bubble.. It looks like the tech bubble (DJA or dji).. (the charts.)
     
  8. ezrydn

    ezrydn Active Trader

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    Well,

    It blasted up past the $1300 mark this morning and still on the rise.
     
  9. xProphet

    xProphet Active Trader

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    Ill toss up the chart and do an in-dept analysis tonight, Even add some screen shots to compare. EDIT: I just briefly looked at the chart and stand by what I said. A correction in the trend is normal, just like down days (or weeks) in an uptrend. The only real question is; where is the bottom? because there is really nothing to go on historically.
     
    Last edited: Aug 8, 2013
  10. ezrydn

    ezrydn Active Trader

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    Hopefully, after the weekend, it'll perk up. It's just sitting at $1313.08 at the moment, doing nothing. I'll get on it in the morning.
     
  11. xProphet

    xProphet Active Trader

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    This chart (ZG Future) ends on 8/2/2013. I think this bubble occurred because of the flash crash and gold being seen as a safe haven when stocks are in trouble. All my indicators confirm a solid downtrend. The only thing I see that might be a problem for this trend is that it is bouncing around the area where the bubble seemed to jump start.. (the very first red arrow on the left.) that being said, it still has a lot of wiggle room to the downside. If you want me to toss in all the "tech talk", just say so.. (I usually try and spare people it.)

    Ill edit this and show you the tech bubble as a comparison. (As far as the charts themselves are concerned)

    "Flash Crash Gold Bubble"
    [​IMG]


    ------------------------------------------------------

    Dow Jones "90s Tech Bubble":
    [​IMG]

    ------------------------------------------------------

    The fan lines, "various angles of attack", are good indication of a bubble. I generally like to see the angles increasing in degrees as the bubble nears it's end with the highest degree being the last major peek up. Also, Increasing volatility as the end nears. This is "fan lines" with my own twist on it.

    bonus:
    -----------------------------------------------------
    USD/JPY "Possible" Bubble
    [​IMG]


    Anyways, sorry for turning this thread into a discussion on bubbles.


    (All pictures were made by me)
     
    Last edited: Aug 9, 2013
  12. Enivid

    Enivid Administrator Staff Member

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    ezrydn, what spread do you get on gold from your broker?
     
  13. ezrydn

    ezrydn Active Trader

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    It seems to have settled into the 1310 area now. Probably have to wait till Monday to see if it's made up it's mind yet.
     
  14. Gold PriceZ

    Gold PriceZ Newbie

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    The gold price is gradually going up, and it appears difficult to reverse back in the near future.
    It can be a good opportunity for investors in the long run only. Day traders should be careful.
    Thanks
     
    Last edited by a moderator: Aug 20, 2016
  15. jellyeb

    jellyeb Active Trader

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    I think gold will accelerate decline in next week due to Dollar strengthening. It dropped 0.60% today I think I'm going to short the bullion with small lot (0.1 size)
     
  16. f4forex

    f4forex Active Trader

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    In my opinion gold rises instantly but drops gradually and most of the times its market is bearish but still many traders make profit whenever it take bumps.
     
  17. ArslanKemal

    ArslanKemal Trader

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    hm... I am thinking about gold trading for a long time... it seems to be rather interesting)
     
  18. f4forex

    f4forex Active Trader

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    Although most of the times the gold market is bearish but i think many traders can still finds their way making money by selling it short too.
     
  19. jellyeb

    jellyeb Active Trader

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    Do you mean gold producers?? Then its Russian, Uzbekistan, US.
     
  20. f4forex

    f4forex Active Trader

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    I guess South Africa is also one the largest gold producers in the world but after 2006 China, Russia, United States, Peru and Australia have surpassed SA gold production.
     

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