As a gold trader or investor looking to grow your portfolio, there are many tools you need at your disposal. One of them is a gold spot price chart. This chart enables you to keep up with the latest changes in gold prices as well as use historic data to make forecasts.
Today, it is possible to track gold prices in real time because they are updated at 10-second intervals. As such, you can tell the value of your gold investments more accurately at any particular moment.
But how do you read a gold price chart? Let us find out:
Table of Contents
Reading Live Gold Prices
A live gold price chart is constantly updated, meaning the prices will change even as you analyze them. The gold price is the most important information on a live gold chart. Usually, you will see the real-time asking price, that is, the price the platform is selling gold at and the bidding price, which is the price they are willing to buy gold at. The chart will also show you whether it is rising or dropping.
Remember, the price is always displayed in the local currency of the country where the precious metal is being traded. In the US, that will be USD. With this information, you can quickly pick the right moment to sell or buy, therefore making profitable trades or investments.
Reading Hourly & Daily Prices
But live gold price charts don’t stop at the current trading prices. You can also track prices by the hour to see the current trend. If you want to check for gold prices within the hour, set your custom range to 1hr. The graph will present time in 10-minute intervals on the horizontal axis. But you can hover your mouse pointer over the chart to see the price at a specific minute.
To check for fluctuations over the day, set the custom range to 1 day. Then, as with the hourly prices, hover your mouse pointer over the chart to the specific time of the day you want to see. For more accurate readings, use the sliders at the bottom of the chart to choose a custom range of time.
Reading Monthly Prices
You can go even further and track gold prices within month, quarter, year-to-date, and twelve-months. Say you want to check the prices over the month. In this case, you will set your time frame to 1 month by clicking on that option on the chart. Then, using the slider tools at the bottom of the chart, you can scroll to the specific date to view the price of gold for that day. If you want to check the prices over three months, click the 3-month option on the chart. And so on.
Become a Better Gold Trader by Reading a Live Gold Price Chart Correctly
A real-time gold price chart is an invaluable tool in your trading arsenal. However, to ensure you get the most from it, you need to know how to read it effectively. Take your gold investment game to the next level today by becoming an excellent live price chart reader.
