Gold Trading Pivot Points Technical Analysis and Pivot Points Gold Trading Signals
Pivot Points XAUUSD Indicator consists of a central gold pivot point which is surrounded by 3 resistance levels above and 3 support levels below the center pivot point.
Pivot Points XAUUSD Indicator is considered to be leading indicator.
Pivot Points Gold Indicator provides a quick method for traders to analyze the general gold trend and analyze how the xauusd market is going to be moving during the day. A few calculations are used to draw the resistance and support levels for the pivot point indicator.
To calculate these support and resistance levels for the coming trading day - the previous day's
- high,
- low, and
- closing xauusd prices are used
The gold trading day closes and this daily closing time is when the Pivot Points XAUUSD Indicator is updated.
The 24-hour cycle for this Pivot Points Gold Indicator are calculated using a complex formula - the central gold pivot point is then used to calculate the support and resistance levels as follows:
Resistance Level 3
Resistance Level 2
Resistance Level 1
Gold Trading Pivot Point Technical Analysis
Support Level 1
Support Level 2
Support Level 3
Technical Analysis in Gold Trading
Pivot Points Gold Indicator can be used in different methods to generate xauusd trading signals. The following strategies are the most commonly used technical analysis strategies:
Pivot Points XAUUSD Indicator Trend Identification
The central gold pivot point is used by traders to determine the gold trend direction. The xauusd trades opened by traders will only be in the direction of this xauusd trend.
- Buy gold signal - bullish gold trend -price is above the central gold pivot point
- Sell gold signal - bearish gold trend -price is below the central gold pivot point
Pivot Points Gold Indicator Price Breakout Signals
Gold price breakout signals are generated as follows
- Buy gold signal is generated when the price breaks upwards through the central gold pivot point.
- Sell gold signal is generated when the price breaks downwards through the central gold pivot point.
Pivot Points Gold Indicator Price Breakout
Pivot Points Gold Indicator Price Reversal Gold Trading Signal
Pivot Points Gold Indicator Trading Gold Price reversal xauusd trading signals are generated as is explained below
Buy xauusd trading signal - when price moves downward towards one of the pivot points indicator support level, then touches the support levels or moves slightly through this support level then quickly reverses and moves upwards.
Sell xauusd trading signal - when price moving up towards one of the pivot point resistance level, then touches the resistance level or moves slightly through this resistance level then quickly reverses and moves downwards.
Pivot Points Gold Indicator Price Reversal Gold Trading Signal
Setting Stop loss and Take Profit Gold Order Levels
The central gold pivot point and the other support levels and resistance levels of this pivot points indicator are used by traders to determine suitable gold stop loss setting levels and gold take profit levels.
Setting Stop Loss Gold Order Levels and Setting Take Profit Gold Order Levels
If a buy order is placed above the central gold pivot point the Resistance Level 1 or Resistance Level 2 can be used to set the take profit level, and the Support Level 1 can be used to set the Stop Loss Gold Order Level for the xauusd trade transaction.
To download Gold Trading Pivot Points MetaTrader 4 XAUUSD Indicator: https://c.mql5.com/21/9/pro4x_pivot_lines.mq4 Once you download the Pivot Points XAUUSD Indicator - open the indicator with MQL4 Language Editor, Then Compile Pivot Points MetaTrader 4 Gold Indicator by pressing the Compile Button and Pivot Points MetaTrader 4 Gold Indicator will be added to your MetaTrader 4 platform. NB: Once you add Pivot Points MetaTrader 4 Gold Indicator to your MetaTrader 4, the indicator has additional lines named Mid Points, to remove these additional Pivot Points MetaTrader 4 Gold Indicator lines open MQL4 Language Editor(shortcut keyboard key - press F4), and change line 16 from: extern bool midpivots = true; to extern bool midpivots = false; Then Press Compile again, and Pivot Points MetaTrader 4 Gold Indicator will then appear as exactly shown on this learn gold trading website.
