In the foreign exchange (Forex) market, when it comes to gold trading and investing, understanding and using a powerful platform like Tradingview is extremely important. This not only helps you monitor the market in detail but also allows you to earn high profits. Let’s explore with Learn Forex Trading how to use Tradingview gold through the article below!
Overview of Tradingview gold that users should know
It can be said that using Tradingview to trade gold is the right decision for traders. Because Tradingview is one of the powerful platforms that supports users in quite detail. The following is useful information when you trade on gold Tradingview :
What is Xauusd Tradingview?
XAUUSD on Tradingview stands for currency pairs in financial markets. Intended to represent the relationship between gold (XAU) and the US dollar (USD). Specifically, “XAU” is the international code for gold, while “USD” represents the US dollar. So XAUUSD is often used to describe the price of an ounce of gold in US dollars.
Tradingview is an online platform that provides charts and several technical analysis tools. Covers for many foreign exchange financial markets. Therefore, the XAUUSD chart on Tradingview gold is an extremely useful tool. It helps traders monitor and analyze gold prices, thereby making trading decisions. This platform often provides features such as drawing trend lines and technical indicators. At the same time, it provides other analytical tools to support traders during the trading process.
Role of XAUUSD Tradingview chart
Here are 3 important roles of the XAUUSD chart for traders:
- XAUUSD chart assists traders in analyzing past price data. From there create predictions for the future.
- Helps traders quickly grasp the overall market landscape.
- When combined with political and economic events and news, the XAUUSD chart helps traders understand the impact of many factors on gold prices. Thanks to that, users do not need to perform a single analysis and save time.
See more: XAUUSD Tradingview, how to trade successfully
Instructions for tracking the XAUUSD Tradingview chart in detail
For traders who regularly participate in the gold market, the XAUUSD chart is the “eye” that helps them better understand the market situation. Grasping the skill of viewing the XAUUSD chart on Tradingview gold is an important first step that a trader needs to learn when starting to trade with gold CFD Tradingview
Tradingview gold menu bar
- Position 1 – Vertical toolbar: Includes measurement and drawing tools, using them is very simple and easy to get used to. These are important tools in the future trading process.
- Position 2 – Top Toolbar: Here, you can see the currency pair appearing on the chart. It is possible to choose the chart type, timeframe, and several other features.
- Position 3 – Main chart: Displays the chart of the currency pair or asset you are analyzing. This is also where you can plot and measure prices with the tools above.
- Position 4 – List of currency pairs and assets on Tradingview: You can customize which currency pairs will appear in this area.
- Position 5 – Community and news area: Connect with other traders through community information and news.
- Position 6 – Area related to indicator programming and trading account connection: This area can be skipped because it is not used very often.
Tradingview gold menu bar
Technical analysis tools on Xauusd Tradingview
In technical analysis, there are usually two main schools of thought that are popular:
- Price Action – Price action analysis tool
- Indicator – Use specialized technical analysis tools
Usually when performing technical analysis, a combination of both schools of thought is recommended. Thanks to that, users can make the most accurate decisions when trading on Tradingview gold.
With the XAUUSD chart on Tradingview, you can add any technical analysis tools of your choice from the Indicator section in the Top Toolbar. Some popular technical analysis tools for XAUUSD that traders often apply include:
- Bollinger Band
- EMA (Moving Average Filter)
- Relative Strength Index RSI
- Ichimoku Cloud
- Stochastics indicator
- MACD (Dynamic index measuring price acceleration and lag)
How to track Gold price chart trading view
Price charts on Tradingview gold are often expressed in the following forms:
- Japanese candlestick chart: Suitable for all assets, including gold.
- Line graph
- Bar chart chart
- Renko chart
- Point & Figure Chart.
Among these, Japanese candlestick charts are the most popular and widely used. Because it provides complete and clear information about price fluctuations.
Note: Normally, bullish candles are represented in GREEN color. While bearish candles are represented by RED color.
Shows time frames on the XAUUSD price chart
Time frames allow traders to track the price of gold in units of time. Like hours, days, months, and even years. Among them, there are 3 popular time frames:
- Short time: Includes timeframes in minutes. Like 1 minute, 5 minutes, 15 minutes, 30 minutes and 45 minutes.
- Average time: Use time frames like 1 hour, 2 hours, 3 hours, 4 hours.
- Long time: Includes time frames in days, months, and years. To help traders have an overview and long-term view of the future gold price trend.
Shows time frames on the XAUUSD price chart
See more: Opening and verifying an ICMarkets account
Reasons why users should experience Tradingview gold
There are several reasons that users should use Tradingview to track and trade gold:
- User-friendly interface: Tradingview provides a user-friendly and easy-to-use interface. To help users quickly get acquainted and enjoy a smooth experience.
- Diverse analytical tools: This platform offers a variety of high-quality technical analysis and charting tools. This helps users have a detailed view of gold price trends and fluctuations.
- Large community and fast information: Tradingview connects traders around the world, creating a large community. Information and opinions from the community are updated quickly. Thanks to that, users make decisions based on reliable information.
- News and events integration: This platform integrates financial news and events information. From here, users better understand the impacts of major events on gold prices.
- Highly customizable: Tradingview allows users to customize charts, add technical analysis tools, and store personal configurations. To create an environment that is flexible and tailored to the specific needs of each user.
- Real-time market data: Tradingview Gold provides real-time gold market data. Thereby helping users continuously update information and make quick decisions.
Conclude
So above, Learn Forex Trading has provided specific information about Tradingview gold. At the same time, he also guided traders how to view the XAUUSD chart on Tradingview. Hopefully, this useful information will help you trade smoothly and earn high profits!
Frequently asked questions
How is the experience with gold charts on Tradingview?
To experience gold charts on Tradingview, users can visit the Tradingview website, register an account, and then select the XAUUSD currency pair to monitor.
How to add technical analysis tools to gold charts on Tradingview?
Users can add technical analysis tools by going to the Indicator section in the Top Toolbar and selecting the desired indicators.
How to interact with the community on Tradingview?
Users can interact with the community by participating in forums, commenting directly on charts, and sharing opinions through Tradingview’s social features.
