Types of XAUUSD Charts
How to Understand Different Types of Gold Charts
There are different types of xauusd charts used in xauusd technical analysis and the three most common xauusd charts are line charts, bar charts & candle charts.
XAUUSD Line charts & XAUUSD Bar Charts are not as popular as XAUUSD Candlesticks Charts
XAUUSD Candlesticks Charts are popularly used in the xauusd market because the xauusd candlestick shows the direction of xauusd price movement based on the color of the candlestick. The distance between the opening price & closing price is called the body of the candlestick, the top and bottom lines are known as shadows and these represent the high and low of the xauusd price.
The body of a xauusd candlestick is based on the opening xauusd price & closing xauusd price of a particular xauusd chart timeframe period.
If the Opening xauusd price is lower than the closing xauusd price the color of the candlestick body will be blue or green meaning xauusd prices went up. A bullish xauusd candle - price moved up - blue or green color xauusd trading candlestick.
If the Opening xauusd price is higher than the closing xauusd price the color of the candlestick body will be red meaning xauusd prices went down. A bearish xauusd candle - price moved down - red color xauusd candle.
The thin lines that protrude above & below the xauusd candlestick body are called wicks or shadows.
XAUUSD Bar Charts
XAUUSD bar charts are used to display information that is similar to xauusd candlesticks only that this charting method uses bars to plot xauusd price movement instead of candlesticks. The bar has a line on the left and right side - the left side is the opening price & the right side is the closing price. Different colors are used for different bars to display the direction of the xauusd price movement - green bars for when price moves upwards and red bars for when price moves down.
XAUUSD Line Charts
XAUUSD line charts are used to draw the closing price as continuous line on the xauusd chart.
Line xauusd charts are the simplest xauusd charts that don’t give much details on the xauusd chart because just a line is drawn to connect one xauusd closing price to the next xauusd closing price and this line chart will show a series of the xauusd closing prices.
XAUUSD traders use xauusd charts to determine the direction of the market and to identify buy and sell xauusd setups & signals.
The three commonly used xauusd charts - Line Charts, Bar Charts & Candlesticks Charts are provided for on the xauusd trading platform - MetaTrader 4 & MT5 platform and traders can choose the type of xauusd charts that they want to trade with.
How to Understand Different Types of XAUUSD Charts
Different types of xauusd charts can be used by traders to analyze, interpret and understand the supply and demand of a xauusd instrument.
The xauusd charts studies can help xauusd traders identify various xauusd trading setups that have different interpretations for supply & demand.
XAUUSD traders can use these xauusd setups to identify xauusd trading signals of where to buy & sell and where to close open xauusd trades.
To read a xauusd chart a trader will need to learn about the three different xauusd chart types.
XAUUSD traders will also need to know about the various xauusd chart timeframes for these xauusd charts - 1 minute chart timeframe, 5 minutes chart timeframe, 15 minutes chart timeframe, 30 minutes chart timeframe, 1 hour xauusd chart timeframe, 4 hours xauusd chart timeframe, 1 day xauusd chart timeframe, 1 Week and 1 month xauusd chart time frame.
Types of Different XAUUSD Charts
