What should I look for in a Gold Chart?
The most popular gold chart types are:
- Line Charts
- Bar Charts
- Candlesticks Charts
The best chart to trade with when you want to start gold trading is the candlesticks chart. The candlesticks charts are easy to use and easier to interpret when trading. Beginner traders should start with this type of chart which is easier to use when it comes to technical analysis of xauusd charts.
Candlesticks - these use same price data as bar charts (open, high, low, & close). However, they in a much more visually identifiable way which resembles a candle with wicks on both ends.
How to Interpret Candles Charts in XAUUSD Trading
The rectangle part is called the body.
The high and low are described as shadows & drawn as poking lines.
Gold Candles Charts - What should I look for in a Gold Chart?
The color of the candlestick is either blue or red
- (Blue or Green Color) - Gold Prices moved up
- (Red Color) - Gold Prices moved down
Most trading platforms like the MT4 Gold Trading Platform, use colors to mark the direction of the candlesticks. Colors used are blue or green: when price moves up - green candlesticks, when price moves down - red candles.
