Many forex trader simply don’t know this fact that they can trade other instruments and contracts from their metatrader platform that they use to trade forex. You can trade oil, gold,silver, stock indices, and even stocks from most of these metatrader platforms.
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Now, gold is in an unprecedented bull market. Gold prices are at their historical high. Gold prices are being driven hgh by the abuse and debasement of the fiat currency that has been going on. People are afraid that fiat currency is going to lose value. After all it is just a piece of paper only backed with your own confidence on it’s purchasing power.
Gold is also known as Anti Dollar. Both have a strong negative correlation. When gold prices go high, Dollar gets weak and when Dollar gets strong, gold prices crash. This is the way it is. You can use this fact to hedge both your positions in the gold market as well as the currency market.
You can trade USDCHF pair along with XAUUSD. XAU is the symbol of gold. So essentially trading gold against Dollar is similar to trading any other currency against Dollar.
As a trader, you should master trading these three markets, gold, oil and forex. Now, good news, if you have been trading forex, you can easily start trading gold and oil. There are traders who have developed Expert Advisors that can trade these markets.