Is there a Best Time To Trade XAUUSD In Kenya?
Hey Guys,
I am in Kenya & want to start trading XAUUSD on my live account but I want to know if there is a right time to trade XAUUSD. I have traded it on a demo account but still cannot ascertain the best time to trade it. Any other information I need to know before trading XAUUSD? Please drop in the comment section. Thanks
XAUUSD is most active from 3PM - 7PM Kenyan time, and there is directional momentum during these hours.
This is the pre-New York & the NY session, on most days you will have some sort of directional momentum on Gold during these hours.
I don't trade Gold, and I've got not strategy on trading it to advise you any better. But looking just at the sessions chart & generally speaking, these are the trading hours in which Gold is really moving.
Refer to the first chart. It is the 1H sessions chart of Gold trading in that past 1 week for the NY session from 3PM - 9PM Kenyan time.
Second chart is the London session. Gold does move during the London session, 9AM - 3PM Kenyan time, but on most days it is sideways for this session. Just compare these 2 charts visually, you will see.
So, if I were you, I would active watch during these hours, depending on which session hours are more suitable to you, and build a strategy around it.
I forgot to mention, another aspect to consider is the cost of trading XAUUSD.
The cost of trading Gold CFDs is high as it is, at most CFD broker, but during inactive hours (Asian session), it is 5-6x higher. The spreads during Asian hours are really bad. So, definitely don't trade Gold during those hours.
Brokers make quite a lot of money from Gold CFDs, so I would not really encourage you to trade it, unless you have a an edge on Gold, that allows you to make money after paying the spreads.
I forgot to mention, another aspect to consider is the cost of trading XAUUSD.
The cost of trading Gold CFDs is high as it is, at most CFD broker, but during inactive hours (Asian session), it is 5-6x higher. The spreads during Asian hours are really bad. So, definitely don't trade Gold during those hours.
Brokers make quite a lot of money from Gold CFDs, so I would not really encourage you to trade it, unless you have a an edge on Gold, that allows you to make money after paying the spreads.
XAUUSD is a very volatile pair and if you want to get the tightest spread you should trade at the New York session around 4pm to 7 pm Kenyan time
XAUUSD is a very volatile pair and if you want to get the tightest spread you should trade at the New York session around 4pm to 7 pm Kenyan time
Yes, but the spreads on XAUUSD are also the same at most CFD brokers during London session also.
For example, the broker I trade with (I don't trade Gold), they have fixed spreads on Gold from 7 - 19 GMT time (10 AM - 10 PM Kenyan time). Which is almost all the London & NY sessions. So, I would not say that lower spreads is the only reason to trade NY hours.
If you can develop a strategy with an edge on XAUUSD during London session, you can trade those hours also.
