How to use the 24-hour gold price chart for trading?

Gold is a precious metal trading derivative product originated in London, but it has now become popular worldwide. How to use the 24-hour gold price chart for trading?

In addition to its high leverage and high yield characteristics, the 24-hour trading time is also an important product highlight. The significant fluctuation of international gold prices presents a great opportunity for investors to profit if they can learn to trade according to the characteristics of its price chart.

1.Pay attention to the market trends of different market sessions

For spot gold investors, the 24-hour trading time can be roughly divided into the Asian, European, and American market sessions. Due to the influence of different fundamental factors in various regions, gold prices will show different trends in these market sessions.

However, the basic trends can be roughly divided into uptrend, downtrend, and sideways trend. Investors should adopt different response strategies to different market trends.

For example, in the American market session, the international gold price is often in a volatile stage, and the ample market momentum makes the probability of one-way up or down movement higher. When investors find a sign of an uptrend, such as a small-bodied "red three soldiers" pattern appearing in the 15-minute chart, they can enter long positions during the time when the price is pulling back on the minute chart. Conversely, when the price rises and prepares for a correction, investors should adopt a strategy of selling on the rallies.

As for the Asian market session, since the price mostly corrects yesterday's trend, the weakening momentum often keeps the gold price in a sideways trend. In the narrow fluctuation range, investors can flexibly trade by using the support and resistance levels of the box.

2.Using Fibonacci time zones to calculate turning points

Fibonacci Time Zones are evolved from the Fibonacci sequence, which is a set of vertical lines drawn using Fibonacci time intervals of 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, etc. The change in the spot gold price is more likely to occur near these lines, and it is possible to achieve a reversal from one trend to another. When drawing the lines, investors should pay attention to the following:

1.Start from the highest or lowest point of recent market trends.

2.The first candle after the Fibonacci line is crucial. It generally determines the trend of the following period. If it is a bearish candle, the period ahead may be dominated by a decline. If it is a bullish candle, the period ahead may be dominated by an increase.

3.Generally, the longer the analysis period used to draw the lines, the higher the reliability. However, in practice, if investors find that the rise and fall of gold prices during a certain period are in line with the periodicity, the probability of this pattern continuing is also very high.

That's all for the techniques of investing in gold. I will frequently share more investment techniques with you in the future! Stay tuned.

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Successfully Profit with the Gold Price Chart

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