Can you really trade Gold as a day trader?

[newt24]

Hi there

As the title says - "Can you really trade Gold as a day trader?"

I watched a chart of gold, and was it sloooooow, if on a 2 tick chart, it wasnt moving.

For all the day traders, what timeframe would you recommend?

Thanks

 

[cuotes]

Yep, I think you can trade it. I've traded Silver what is even worse 🙂

It is about finding the most suitable contract-hour-timeframe for you.

It's not the same trading GC, YG, QS or QO. This four contract are gold, but still very different among them in terms of tradability.

Moreover you can trade XAUUSD or XAUEUR as if it were a currency.

 

[newt24]

cuotes, what is this XAUxxxx?

Thanks for your reply

 

[cuotes]

XAUxxx is spot gold price. Quoted in US dollars (USD) or Euros (EUR).
Basically it is traded like another pair in forex.

Two major gold indices dominate the market: the Philadelphia Stock Exchange XAU and the AMEX Gold BUGS Index (HUI). The major difference between the two is that the BUGS index is made up exclusively of mining stocks that do not hedge their gold positions more than a year-and-a-half into the future. This makes the BUGS Index much more profitable than the XAU when gold prices are rising, but can also compound its losses when gold declines.

BUGS is an acronym for Basket of Unhedged Gold Stocks. The index was introduced on March 15, 1996 with a starting value of 200.