XAU/USD is the currency symbol for the spot price of gold quoted in US dollars. Trading XAU/USD means buying or selling gold in US dollars. Here are some basic steps to trading XAU/USD:
Choose a reputable broker:
Before you start trading XAU/USD, you need to choose a broker that offers gold trading. Look for a broker that is regulated and has a good reputation.
Analyze the market:
Analyze the price movements of gold using technical and fundamental analysis. Technical analysis involves studying price charts and using indicators to identify trends and support and resistance levels. Fundamental analysis involves looking at economic data and news events that could affect the price of gold.
Decide on a trading strategy:
Based on your analysis, decide on a trading strategy that suits your risk tolerance and investment goals. This could include a long-term buy and hold strategy, a short-term trading strategy, or a combination of both.
Place your trade:
Once you have decided on a strategy, place your trade with your broker. You can buy or sell XAU/USD depending on your strategy.
Manage your trade:
Once your trade is open, monitor it closely and adjust your strategy if necessary. Set stop-loss and take-profit orders to minimize your risk and maximize your potential profit.
Remember that trading XAU/USD involves risk and you should never trade with money you cannot afford to lose. It’s important to have a solid understanding of the markets and to practice risk management at all times. Todays overviews as follows:
- Closed the day little net changed.
- Bespoke support is located at 1834.
- The 261.8% Fibonacci extension is located at 1834 from 1960 to 1912.
- There is scope for mild selling at the open but losses should be limited.
- The medium term bias remains bullish.
Recommendations: Buy/Buy limit @ 1834 TP/Target: 1854