Currently, CFD gold trading is considered the form of trading that offers the highest profit opportunities, with the most flexible liquidity. One of the effective tools to support investors in gold CFD trading is Gold CFD Tradingview, also known as Gold Price Chart Tradingview. So what specifically is Gold CFD Tradingview? Below, Learn Forex Trading will guide you on how to use this platform in the most detail!
Overview of CFD Gold Trading
Before learning about the Tradingview platform that supports CFD gold trading, you need to understand what CFD gold trading is and why so many people choose this form of trading.
What is CFD Gold Trading?
CFDs stands for the English phrase Contract For Difference, meaning contract for difference. This is the derivative investment product that attracts the most traders. It allows investors to exploit profits based on the difference between the underlying value of an asset at the time of closing (market price) compared to the time of opening of the contract (set price).
Accordingly, CFD Gold Trading is CFD gold trading, that is, buying and selling contracts for difference based on the price of gold. Instead of owning and buying and selling physical gold, investors will place (temporary) orders to buy/sell a “hypothetical” amount of gold. The profit/loss of CFD Gold Trading will be determined by the fluctuation of gold price while the contract is still in an active state.
The most popular gold CFD trading is symbolized by XAU/USD. Most Gold CFD trades use high leverage. That means you can buy 1 ounce of gold with only an amount of capital equal to x% of the market price of gold.
See more: XAUUSD Tradingview, how to trade successfully
Advantages of CFD Gold Trading
You need to understand why many investors choose to trade gold CFDs. From there, know the importance of Tradingview to maximize profits from CFD gold.
- Safe investment products: Gold CFDs provide traders with stability, especially in the current economic downturn and volatility. Trading and investing in gold is still considered the most profitable and safest investment. Even in times of political instability, businesses plummeting, and stocks going downtrend, gold is still a safe place for investors to take refuge.
- High financial leverage: Gold CFDs allow investors to amplify profits by using financial leverage. If used correctly and strategically, you can earn huge profits up to a hundred times compared to investing in physical gold.
- High liquidity: You can buy/sell gold CFDs in just a few seconds. You can even profit from gold price fluctuations during the day.
Disadvantages of CFD Gold Trading
Although CFD gold trading has many advantages, this form of investment still has some limitations. Therefore, you need to understand clearly to be able to use Gold CFD Tradingview effectively and control possible risks. Specifically:
- Double-edged sword risk of financial leverage: Similar to other derivative products, CFD Gold trading contains many risks when using financial leverage.
- Depends on the broker: Gold CFD trading depends on the broker or broker. Therefore, it is necessary to choose a trustworthy broker.
What is Gold CFD Tradingview?
Gold CFD Tradingview is a platform of charts and tools to support the analysis of gold CFD price movements. From there, it helps investors predict the up and down trend of CFD gold, combined with MT4 and MT5 to make decisions on buying and selling CFD gold.
Tradingview was officially launched in 2011, considered a social networking platform where investors discuss and share market knowledge, including CFD Gold Trading.
Benefits of Gold CFD Tradingview
Why should traders use Tradingview to trade CFD gold? Here are the benefits that Tradingview Gold CFD brings you:
- Multi-channel CFD gold price analysis: You can get CFD gold price data on many different exchanges for comparison.
- A social network connecting traders: With Tradingview, you can hone your analytical skills and CFD gold trading experience from good traders.
- Multiple time frames: Tradingview allows you to analyze CFD gold price fluctuations at the same time in many different time frames, extremely convenient and simple.
In addition, TradingView also contains many advantages to support you to the maximum:
- English language support.
- There is a large trader community that updates information continuously and accurately, including many US traders.
- It is possible to analyze CFD gold in combination with other product charts.
- Many parameters and charts are suitable for your purposes and analysis methods.
Interface overview of CFD Gold Tradingview
Gold CFD Trading view’s chart interface includes:
1- Left Toolbar: The area on the left side of the screen contains measuring and drawing tools, supporting traders to draw by hand. Specifically including cursors, trend lines, geometric shapes, zooming,…
2- Top Toolbar: The top area integrates all indicators and candlestick tools. Specifically including Multiple time frames, indicators, chart types, creating alerts,…
3- Main Chart: The central area contains charts and price analysis tools.
4, 5 – Right Toolbar: The area on the right contains information that traders need to monitor. Specifically: Calendar, chat connection, notifications, help,…
6 – Bottom Toolbar: The bottom area is mainly for notes, providing market testing functionality. This is also where you can connect your broker trading account to Tradingview.
See more: Registering Exness broker account on your phone
Instructions for using Gold Price Chart Tradingview
Below is the most important and basic information you need to understand about the Tradingview gold CFD chart.
Left Toolbar area
You’ll use the tools in this area to draw the chart by hand:
1 – Cursor: You can change the mouse cursor to an arrow, dot, or eraser shape.
2- Trend lines: Used to determine up and down trends, resistance areas, and support,…
3 – Gann and Fibonacci tools: Contains classic models such as GANN, Pitchfork, Fibonacci extension, Fibonacci retracement,…
4 – Geometric shapes: Used to mark, serve analysis, or explain for other traders to easily understand.
5 – Annotation tool: helps you note everything you put in the chart.
6 – Model types: Triangle, ABCD, head and shoulders,…
7 – Annotate text
Top Toolbar area
Besides the Left Toolbar, the Top Toolbar is a mandatory area that traders need to understand and master. This area provides the best support for XAU/USD chart analysis on Tradingview. Here are the functions of some of the most important tools:
1 – Trading code name: Here is gold CFD – XAUUSD. Here, you can choose another product code name.
2 – Add transaction codes: You can add other product codes to compare with the XAUUSD code, thereby clearly seeing the exact correlation.
3 – Multi-timeframe: Contains all the timeframes you want to analyze, from seconds, minutes, hours to days.
4 – Chart format: You can choose a candlestick chart, line chart, bar chart,…
5 – Indicator: Used to combine with trendlines in the Left toolbar area for analysis.
6 – Indicator template: built-in.
7 – Create alerts: Traders can pre-set alerts if they cannot keep watch all day.
8 – Replay: Tool used to rewind the moment you want to see.
Main Chart area
This is where the gold CFD price chart and some other products you want to see are displayed. You can draw or install the indicator here. You just need to right-click in this area, and a series of features will appear. Such as:
- Set up the chart
- Add warning
- Test trade
- Add another chart to the watchlist
- Add text notes
- Displays a list of tools
- Choose a background color for the chart
Right Toolbar area
1 – Contains all information related to connecting traders.
2 – Provide detailed information for each candle including the time of the candle, opening information, opening price, closing price, bottom price, top price,…
3 – List of 10 stock codes arranged according to 3 criteria of Tradingview.
4 – Provide economic calendar and earnings announcement calendar.
5 – Contains complete published analysis, for traders to learn from.
6 – You can chat publicly with other traders here.
Area Bottom Toolbar
You don’t need to care deeply about this area if you don’t have much time to learn. Just to understand the basics, this is where several other tools are located such as text notes, forex filters, strategy testing,…
Above is all the most important and core information you need to know about Gold CFD Tradingview. Hopefully, with the knowledge that Learn Forex Trading has provided, you can apply it to analyze trends and fluctuations in CFD gold prices. This can help you earn huge profits.
FAQ
Is Gold CFD Tradingview a trading platform?
Are not. Tradingview is a charting platform or social media platform that helps you learn and hone your analytical skills.
Is Tradingview free for users?
All free. You just need to create an account to see everything on the Tradingview homepage, from charts to social tools, etc.
Can Tradingview link to a trading account?
Have. You can link your Tradingview account to your trading account, thereby easily placing orders and monitoring your account conveniently right on TradingView.
