I recently entered commodity trading and found Silver Micro & Gold Petal attractive for making a start here. As i mentioned that I am new to commodities, I would like the experienced members to throw some light on my query regarding the same.
I took two long position trades which worked out well in my favor in Gold Petal as per my setup that were MIS/Intraday. Now my setup generates both long & short trades which brings me to this query that observing the chart of Gold Petal Futures, it is seen that Gold has more long/up side moves than short. Most movements to the downside also seem only a short correction than what you would see happening in Indexes which makes me wonder if one should really plan shorting gold as per their respective setup when it suggests.
I’m posting this query so as to clear any bias I may unknowingly have from my limited observation of Gold Petal charts. Also, I’m trading completely based on technical analysis as was suggested in Zerodha Varsity article on this. I understand I won’t be milking out much from simply trading Gold Petal futures but I’m doing so only to get acquainted with the world of commodities so I can level up to bigger GoldM & SilverM contracts when I am comfortable.
Fellow traders please share your wisdom and experience that can help a newbie out 