How to Read Gold Charts Beginner Traders Tutorial
XAUUSD Chart Analysis
There are 3 types of charts used in Gold: Line Chart, Bar Chart and Candlesticks Chart - how to read gold charts beginners Tutorial.
How to Read XAUUSD Chart Analysis
Line Charts - gold line charts plot a continuous line connecting closing xauusd trading prices of gold.
Gold Trading Line Charts - How to Read Gold Charts Beginner Traders Guide
Bar Chart - gold trading bar charts are displayed as sequence of OHCL bars. O-H-C-L represents OPEN HIGH LOW & CLOSE. The Opening xauusd trading price is displayed as a horizontal dash on the left & closing xauusd trading price as a horizontal dash on the right.
Gold Trading Bar Charts- How to Read Gold Charts Beginner Traders Guide
The main disadvantage of gold bar chart is that it is not visually appealing, therefore most traders don't use them.
Candle Sticks Charts - these gold candlesticks charts use the same xauusd trading price data as gold bar charts (open, high, low, and close). However, they in a much more visually identifiable way which resembles a candle with wicks on both ends.
How to Analyze Candles XAUUSD Charts
Rectangle part of the gold candlestick is called the body.
The high & low of the gold candlestick are described as shadows & plotted as poking lines.
Gold Candlesticks Charts
The color of the xauusd candlestick is either blue or red:
- (Blue or Green Color Candlesticks) - Gold Prices moved up
- (Red Color Candles) - Gold Prices moved down
Most gold trading platforms like the MT4 XAUUSD Trading Software, use colors to mark the direction of the xauusd trading price. Gold Candlesticks colors used are blue or green: when price moves upwards, color of gold candle is blue: when price moves downward, color of gold candlestick is red.
How to Read Gold Charts Beginner Traders PDF
When Gold Trading candles charts are used it's very easy to see if the xauusd trading price moved up or down as opposed to when bar charts are used.
The Japanese candles charts trading techniques also have very many candles formations which are used to trade the Gold Trading Markets. These xauusd chart patterns have different xauusd analysis interpretation & the most common are:
How to Read XAUUSD Chart Patterns Beginners PDF
The above xauusd candlesticks patterns is what makes the Japanese candlesticks chart patterns popular among gold traders & it is why this type of technical gold chart analysis are the most widely used when it comes to analyzing the Gold market. Analysis for these gold charts pattern formations in gold trading is the same as that one used in stocks trading.
