How to Read Gold Charts Beginners Tutorial
Chart Analysis
There are three types of charts used in Gold: Line Chart, Bar Chart and Candlesticks Chart - how to read gold charts beginner traders Guide.
How to Read Chart Analysis
Line Charts - gold line charts draw a continuous line connecting closing prices of gold.
Gold Line Charts - How Do I Interpret Gold Charts Beginners Guide
Bar Chart - gold bar charts are displayed as a sequence of O-H-C-L bars. O H C L represents OPEN HIGH LOW and CLOSE. The Opening price is highlighted as a horizontal dash to the left & the closing price as a horizontal dash to the right.
Gold Bar Charts- How to Read Gold Charts Beginners Guide
The main disadvantage of bar chart is that it's not visually appealing, therefore most traders don't use them.
Candles Charts - these candlesticks charts use the same price info as xauusd bar charts (open, high, low, and close). However, they are represented in a much more visually identifiable way that resembles a candlestick with wicks on both ends.
How to Analyze Candle Sticks Charts
Rectangle part of the candlestick is referred to as the body.
The high & low of the candle are referered to as shadows & drawn as poking lines.
XAUUSD Candles Charts
The colour of candlestick is either blue or red:
- (Blue or Green Color Candlesticks) - Gold Prices moved up
- (Red Color Candlesticks) - Gold Prices moved down
Most trading softwaresplatforms like the MetaTrader 4 XAUUSD Software, use colours to mark direction of price. Gold Candles colour used are blue or green: when price moves upward, color of candlestick is blue: when the price moves downwards, color of candle-stick is red.
How to Read Gold Charts Beginners PDF
When candlesticks charts are used it's very easy to see if the price moved up-ward or down-ward as opposed to when bar charts are used.
The Japanese candlesticks charts techniques also have very many candlesticks formations that are used to trade the Trading Markets. These chart patterns have different analysis interpretation & the most common are:
How to Read Chart Patterns Beginners PDF
The above candlesticks patterns is what makes the Japanese candlesticks chart patterns popular among traders and it's why this type of technical chart analysis are most commonly used when it comes to analyzing the market. Analysis for these charts setup formations in trade is the same as that one used in stock trading.
Learn More Courses and Lessons:
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- MetaTrader 5 XAU/USD Charts Tutorial Course for Beginners
- Japanese Candlesticks Patterns
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- How Can I Trade MetaTrader 5 Pending Gold Orders in MetaTrader 5?
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