Gold, Silver, Copper: Order Flow in Metals Futures
COMEX gold (GC) is a very good order flow market: liquid, with clear reactions to US data and the dollar. Silver and copper have a thinner book and sharper moves, and platinum and palladium are illiquid.
Order flow in this group
Gold reacts to bond yields, the dollar and macro data. Most trading happens when London and New York hours overlap.
The micro gold contract (MGC) is liquid and widely used, but large orders and absorption show up on GC.
In metals the liquid contract months are every two months, not quarterly: when rolling, check which month is active.
Instruments (12)
| Instrument | Symbol | Exchange | Tick value | Order flow |
|---|---|---|---|---|
| Gold | GC | COMEX (CME) | 1 tick ($0.10) = $10 | Model market |
| Micro Gold | MGC | COMEX (CME) | 1 tick ($0.10) = $1 | Good |
| 1-Ounce Gold | 1OZ | COMEX (CME) | 1 tick ($0.25) = $0.25 | Limited |
| Silver sharp moves, thinner book | SI | COMEX (CME) | 1 tick ($0.005) = $25 | Good |
| Micro Silver (1,000 oz) | SIL | COMEX (CME) | 1 tick ($0.005) = $5 | Limited |
| Copper | HG | COMEX (CME) | 1 tick ($0.0005) = $12.50 | Good |
| Micro Copper | MHG | COMEX (CME) | 1 tick ($0.0005) = $1.25 | Limited |
| Platinum | PL | NYMEX (CME) | 1 tick ($0.10) = $5 | Limited |
| Palladium low liquidity | PA | NYMEX (CME) | 1 tick ($0.50) = $50 | Limited |
| Aluminium | ALI | COMEX (CME) | check with the exchange | Limited |
| LME metals (copper, aluminium, nickel, zinc) a different market structure (daily prompt dates, ring sessions) | LME | London Metal Exchange | check with the exchange | Limited |
| Iron ore | FEF | SGX | check with the exchange | Limited |
Other groups
- US stock indices
- European and Asian indices
- Interest rates and bonds
- Currencies (currency futures)
- Energy
- Agricultural and livestock commodities
- Volatility and exchange-traded crypto
- Poland: Warsaw Stock Exchange
- US stocks and ETFs
- Options
- Where order flow doesn't work
- All instruments
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Frequently asked questions
Is gold suitable for order flow?
Yes, the GC contract on COMEX has high liquidity and real data. That's different from “gold” at a CFD broker, which I describe in the article on [gold signals](https://hetmancapital.com/brokerzy/sygnaly-na-zloto).
GC or MGC?
MGC is 1/10 of GC. GC is better for reading order flow, even if you trade the smaller contract.
Educational content, not investment advice. Exchanges sometimes change contract specifications (tick size, multiplier, hours): check the current specification on the exchange website before trading. The rating concerns suitability for order flow analysis, not profitability. Leveraged futures involve a high risk of losing capital.