Actual "rubbing compound" can be a little corse if your paint is thin...I'd start with something a little milder maybe "polishing compound" or turtle wax makes a product that I like real well called "color back" If these don't do it for ya then try the rubbing compound.

whatever you use do it in the shade and on cool metal...I have made a couple of pretty nasty mistakes trying to polish a hot car.

oh and it's a lot more work but I have ALWAYS had the best results doing it by hand, rather than a buffer...probablly because I don't really know how to use a buffer properly??

Bret
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rust free in west Texas