Set of All Forex Currency Pairs According to Major

Set of All Forex Currency Pairs According to Major Exotic and Precious Metals, Maybe you have given a gold ring to your friend as a token of your true love? Gold has been the most precious metal from the dawn of civilization. It's still regarded as the ultimate currency and the ultimate store of value in times of political uncertainty. The past a decade, the gold market is in a secular uptrend with the location prices having recently breached the historical barrier of $1,200 per troy ounce. Next there is a retracement and the prices did fall to around $1,100 per ounce but this uptrend is expected to keep for sometime.

Within the last decade, many investors turned towards forex after the historic crash in the stock market. Many small investors lost a lot more than 60-70% of a3 trading their saving accounts in the stock market crash. Now, forex is a great money making opportunity. It is being stated that forex trading could make many millionaires in this decade.

Many people don't know this as you are able to trade gold on forex too. Many forex broker platforms that you use to trade forex, allow trading of gold and silver from the US Dollar (USD) from exactly the same platform. Both these precious metals have high demand in the industrial sector and whilst the global economy recovers from the recession, the costs of gold and silver are anticipated to skyrockets as industrial production picks up and consumers start buying again. When you trade a currency pair, you go long using one currency and short on the other. In other words, you just buy one and sell the other.

In case of spot gold trading on forex, you trade one ounce of gold in the location market contrary to the US Dollar (USD). So exactly like when you trade a currency pair, once you trade gold on forex, you're taking either an extended or perhaps a short position in gold against USD. There are many currency pairs that you could trade such as the GBPUSD, EURUSD, UADUSD, NZDUSD, JPYUSD. Spot trading gold on forex is nearly similar with gold replacing one currency in the pair and the other currency is obviously USD. So, in spot gold trading on forex, you are trading one troy ounce of gold against USD. Interestingly the symbol for this is also XAUUSD with XAU representing one ounce of gold. Now, suppose the purchase price quote in the location market is 1100 XAUUSD. What this means is this one troy ounce of gold in the spot market right now is equal to $1,100 USD. Exactly like any financial market, the price quote in the gold spot market offers a bid/ask spread. So if the cost quote is 1110/1115, it indicates that you could sell one troy ounce of gold in the location market for $1,110 and buy one troy ounce of gold at $1,115 meaning you will need to pay a spread of $5 per troy ounce when trading in gold in the spot market.Spot gold trading on forex is just a fast paced market and the spread keeps on changing throughout the day.

Now a standard lot in currency trading is corresponding to $100,000. But in case there is gold on forex, a standard lot is add up to 10 troy ounces of gold. So, if you find the price quote to be 1112/1117 and you are thinking about going long. In that case you will have to buy 1 lot of gold that is add up to $11,170. Spot gold market is a fast paced market and the purchase price quotes keep on changing. So, suppose right after 60 minutes, you will find the quote to be 1120/1126. You see a gain and decide to obtain out selling at $11,200 making a gain of $30. Now if you'd used leverage, you would have needed a much lower initial investment to make a profit of $30 in only 60 minutes.