How to Read XAUUSD Chart for Beginner Traders
XAUUSD charts are used to illustrate the xauusd price movement of a xauusd instrument. This xauusd price movement is plotted on a xauusd chart and traders can analyze the xauusd chart patterns on the xauusd chart so as to determine when to open a buy xauusd trade or a sell xauusd trade transaction.
XAUUSD trading charts can be used by traders to gain a better understanding of the xauusd price movement based on analyzing past xauusd price data - this xauusd price data analysis is then used by xauusd technical analysis traders to predict the next likely future xauusd price direction.
How to Get XAUUSD Charts
XAUUSD charts are provided for on the xauusd trading platforms such as the MT4 & MT5 platforms.
To get xauusd charts on MT4 & MT5 platforms:
MetaTrader 4 - To display the xauusd chart on MT4 platform follow the step below:
- Go to the Market Watch on the Top Right of the MetaTrader 4 XAUUSD Trading Platform
- Select The XAUUSD that you want to trade
- Right Click on this XAUUSD
- From the Pop Up Menu Select Open XAUUSD Chart option to open the xauusd chart on MetaTrader 4
MetaTrader 5 - To display the xauusd chart on MT5 platform follow the step below:
- Go to the Market Watch on the Top Right of the MT5 XAUUSD Trading Platform
- Select The XAUUSD that you want to trade
- Right Click on this XAUUSD
- From the Pop Up Menu Select Open XAUUSD Chart option to open the xauusd chart on MetaTrader 5
How to Interpret XAUUSD Charts
XAUUSD charts price movements can be interpreted using xauusd trend analysis & xauusd patterns technical analysis.
XAUUSD trend analysis will determine if the xauusd prices are moving in an upward xauusd trend or a downwards xauusd trend.
XAUUSD chart patterns will try to identify commonly repeating xauusd chart patterns so as to try and determine what is the next likely xauusd price direction based on the technical analysis of these commonly repeating price patterns.
The three most commonly used xauusd charts are:
Line Charts - xauusd line chart is a line connecting one closing xauusd price & the next. Line chart does not give much information about xauusd price movement compared to other xauusd chart types.
Bar Charts - xauusd bar charts show open, high, low and close of xauusd price - OHCL. XAUUSD bar charts provide xauusd traders with a little more information than xauusd line charts.
Within the bar the opening price, the high price, the low price & closing price are represented.
The vertical line of a bar chart shows the xauusd price range for a particular xauusd price period the top of this vertical bar shows the high of the xauusd price while the bottom of this vertical bar shows the low of the xauusd price, two horizontal lines one to the left shows opening xauusd price and one on the right shows the closing xauusd price.
Candle Charts - xauusd candlestick charts show the opening xauusd price, the high xauusd price, the low xauusd price & closing xauusd price.
The opening and closing price are used to detect when a xauusd candle is bullish or bearish.
Bullish xauusd candle is when the xauusd close price is higher than the xauusd open price.
Bearish xauusd candle is when xauusd close price is lower than the xauusd open price.
How to Read XAUUSD Chart for Beginner Traders - How to Interpret XAUUSD Charts
