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 Buying Gold As Investment V2, 2011 Gold Rush From Oil Hype

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kelvinftg
post Aug 19 2011, 12:28 PM

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Bought a few mini lots of Gold/USD 2 days ago, just closed my position for a good profit. Waiting for a nice retrace before longing again.
kelvinftg
post Aug 19 2011, 12:45 PM

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QUOTE(xproc @ Aug 19 2011, 12:39 PM)
mind share brought at where?
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I have a forex account with IBFX Australia and they just recently added Gold/USD and Silver/USD to the pairs we can trade. Gold/USD is now at 1840 and is probably seeing 2000 very soon. Waiting for probably bad US news or a good retracement before longing again.
kelvinftg
post Aug 19 2011, 02:37 PM

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QUOTE(xproc @ Aug 19 2011, 01:51 PM)
is ibfx australia good? minimum deposit how much... withdrawal easy or not? .... i tested instaforex but many things duno when goes to others currency, but xauusd xagusd i guess is ok for me
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Yeah I do trade Forex primarily. So, I'm considered fairly new to XAUUSD. IBFX Australia is good so far, but they are definitely a nono for news trading as they do slip you a lot, even off their servers during news. But apart from this, everything is good. I forgot their minimum deposit, go check their website.

They are also quite efficient, wiring them money takes less than a day to fund your account but I have yet to withdraw my profits as I just started using IBFX in March. My previous broker is FXOpen. =)
kelvinftg
post Aug 19 2011, 02:58 PM

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QUOTE(xproc @ Aug 19 2011, 02:43 PM)
is it wise to open account to buy/sell xauusd? i not yet have time to explore other currency , nor knowing to read charts whatsoever. if you are free , mind explaining what is news trading. i been trolling forex section sometime but not much people/info there...
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You should head over to http://www.forexfactory.com/ and check out the forums there. I learnt most of my stuff from www.babypips.com when I started 2 years+ ago!

I think it is ok to open an account just to trade gold. Why not? As it is much more convenient and everything is at your fingertips. You can then start exploring into Forex as well.

News trading is basically trading the spike of a currency pair the moment a news for that country comes out. Risky, but very profitable if done properly.
kelvinftg
post Aug 19 2011, 04:24 PM

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QUOTE(Nidz @ Aug 19 2011, 03:25 PM)
forex is a no-no for me. very bad experience last time. lost about rm7k. i swear i wont touch it again... hahaha sweat.gif
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I too, have wiped out my first account. But then I learnt from it, became more disciplined and now I'm doing well. Still learning everyday though.
kelvinftg
post Aug 19 2011, 04:29 PM

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QUOTE(jun16 @ Aug 19 2011, 04:22 PM)
y today's gold price rise violently? rclxub.gif
normal or abnormal? icon_question.gif
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Technical point of view, yesterday's breach of last week's high without any price rejection indicates further bullish gold pushing to new highs.

Fundamental point of view, well, everything is shit right now so everyone is turning to Gold, the 'safe haven' as usual.
kelvinftg
post Aug 19 2011, 04:35 PM

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QUOTE(GoldChan @ Aug 19 2011, 04:27 PM)
RSI-14 indicate that it already overbrought. RSI-14 > 70, now it 80++,

http://stockcharts.com/h-sc/ui?s=$GOLD  look at weekly chart.
U can see prices peak whenever RSI-14 > 70.
according to technical the price is too high already, if you still want to buy then buy a bit, reserve some for correction.
http://silvermalaysia.blogspot.com/2011/08...rgin-raise.html
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Good pointers you've got there. I'm still very fresh to Gold so I'm still pretty much learning its movements.
kelvinftg
post Aug 19 2011, 04:51 PM

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QUOTE(cybermaster98 @ Aug 19 2011, 04:44 PM)
But then again, its clear now that gold isnt performing to any of the preset technical calculations as was the case in the past. Right now, gold has got a life of its own. Its drastic increase in prices is astounding. Many ppl expected a downward correction when prices crossed the US$1,700 barrier last week but now gold is trading at US$ 1,860.

My guess is that gold is gonna keep increasing at least till the end of the year. Economic conditions in US and Europe are getting worse by the day. Today Bank of America (largest bank in US) announced a retrenchment of more than 10,000 employees with many other banks expected to follow suit. This means that the banking sector is already bracing for the worst.
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This is true as well, I feel that gold reacts more to fundamentals than it does to technicals. I missed the jump from 1840 to 1860+ as I felt that it was too high without any retracement or correction. Also because hourly it closed with a Doji. Closed all my positions.

Edit: As much as I think I should just stick to fundamentals and just HOLD onto Gold, the technical side of me takes over! =p

This post has been edited by kelvinftg: Aug 19 2011, 04:52 PM

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