If you’re looking for ways to trade gold / XAUUSD, then you have landed on the perfect post.
Like you are searching for a perfect broker or platform to trade gold in forex market, i was too looking for high quality legit brokers to place my gold trade.
However, there are multiple ways to trade gold and earn money. In this article we will deep dive in detail about forex trading with related to Gold (XAUUSD)
XAUUSD is the symbol name for gold and USD pair, we will use this abbreviation throughout this article.
How to trade in Gold 2024
Gold can be traded in different ways, here are few methods,
1. XAUUSD Gold spot US Dollar
2. CFD’s (Contract for Differences)
3. ETF’s (Exchange Traded Funds)
4. Stocks related to Gold mining
5. Gold Futures and Derivates
These are the most commonly used methods to trade Gold.
Trading Gold has been one of the most oldest method. Since, its the world’s oldest currency and scarce metal, many countries have a reserve.
Gold trading in Forex vs Normal markets
Gold has always been stable during uncertain times, whenever there is uncertain economical conditions many prefer Gold as a safe bet to invest. Since it is considered safest asset to invest in terms of long terms
However, you are here to learn to trade Gold in forex and earn money. Gold in forex trading is mainly sought to capture the short term moves to earn money. Hence, this is possible only by below methods which mainly focusses on forex trading CFD’s Gold.
When you look at the normal markets, based on the region and their stock market, Gold is available for trading in futures and derivatives & ETF’s. For example in USA, you can trade Gold ETF’s and Futures in stock market.
Forex traders mainly use CFD’s and make use of the short term fluctuation in the Gold price to make money.
This is beneficial provided you do proper research on Forex trading and start trading CFD for Gold. However there is spread which you need to consider when you start trading for GOLD CFD. We have found a best broker for trading XAUUSD, they offer best lowest spreads in the market and trustworthy withdrawal options.
How to trade in Gold Futures and Options
Seasoned traders tend to consider options on gold futures or ETF’s, they are right but not obligation to buy or sell the asset underlying at a specific price for a period of time. Option buying has a small amount of risk, whereas Option selling has a higher risk, but the win percentage is always better than option buying.
In the U.S.A gold can be traded via CME Chicago Mercantile Exchange, its the world’s leading derivatives marketplace, you can consider any regulated broker in U.S and start trading options, futures or ETF’s on this stock exchange.
Options on CME for ETF are available to take a speculative position on the price of the underlying asset. Majorly traders take a position on the Options for gold futures contract and make money by short term moves. This involves buying or selling the gold.
How to trade Gold in CFD’s
Basically it means forex, you can trade gold in forex, via a best broker available in the market. Our experts who have researched some of the best CFD brokers, who offer lower spreads and reliable withdrawal system
Here are some of the best broker to trade in forex, this is according to our experts in forex who have immense experience in the field of CFD trading.
Trading in CFD’s can be risky, thats why we have some strategies to follow where we use tima based and real time experience on price action to take trades on Gold.
Steps to start trading in Gold XAUUSD Forex
CFD gold trading can be in a very few simple steps, our trading expert’s pick on the below platform..
- Register to the platform
- Click on Open account
- Complete the process
- Choose real account to start trading
- Complete the verification process
- After verified, you are equipped with trading account
- Fund your own account with required capital
- Place a trade on XAUUSD based on the strategy
- Monitor the trade and close in profits
This might seem easy as these steps, however, its not. Based on expert opinion and suggestion, here is the detailed steps on the Gold trading strategy and methods to earn profits.
Reason for choosing the above platform:
1. Lowest spreads
2. No minimum deposit
2. Best in market for interface
3. Easy and fast withdrawal process
4. Best customer support
5. Professional User interface
Having an account with Exness will give you an edge in your trading journey. Soon we will provide an in-depth pros and cons of Exness for your trading decisions.
After doing intense research, i have found that there are a lot of brokers who are a type of scam.
Since forex is a huge market, a lot of bad players have entered this market and its your necessity to stay away from these type of scammy platforms.
After many user feedbacks, and intense research, Exness stands out as a professional and best platform to trade Gold XAUUSD.
What is the easiest way to trade gold?
The easiest way to trade gold might be the ETF’s (Exchange Traded Funds), via your region’s stock market and a regulated broker. There are other options to trade gold with options and futures, however ETF doesn’t expire.
What is 1 pip for XAUUSD?
In forex trading, XAUUSD(gold) pips, it means that if 0.01 move is equal to 1 pip.
So, if the gold price moves from 1950 to 1950.01, it represents 1 pip move.
How much is 100 pips in gold?
In XAUUSD(gold), 100 pips is equal to 1 dollar ($1), so, if the price moves from 1921 to 1922, it means it has moved 100 pips i.e. 1 dollar
Conclusion:
To winds things up, trading in gold can be hugely beneficial provided you follow steps and risk management in place. With the right mindset and tools, you can excel in trading.
Gold trading is mostly preferred because of its popularity and huge liquidity.
We trust that you have gained a lot of important information regarding XAUUSD Gold trading in general.
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