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Gold is effectively a currency in the forex market. It is nearly always traded against the US dollar with the code XAU/USD.
As a result, your strategy needs to track movements in the US dollar.
An increase in the price of the US dollar could push the value of gold down. So keep abreast of forex news websites for tips on upcoming trends and analysis.
Liquidity also plays an important role when trading gold on the forex market. Average daily trading volumes of gold exceed all currency pairs, excluding EUR/USD, GBP/USD, and USD/JPY.
Note gold trading hours on forex websites often run continuously around the clock.
Trading physical gold dates back to 2000 BC when ancient Egyptians began mining the precious metal. Now global supply of the commodity is over 170,000 tonnes, with production tripling year-on-year since the 1970s.
So reliable is its value that countries have used it as currency reserves for centuries.
The best gold trading websites offer reliable charting software. Trading gold on MetaTrader 4 (MT4) is particularly popular.
But regardless of the system you chose, your software will need easy-to-follow price charts and signals. Any additional free tools so that data, symbols, and patterns are explained will also help.
Essentially, the best brokers help inform your predictions and market outlook. Keep an eye out for extra learning resources that offer details of alternative gold trading methods too.
There is no definitive profit calculator for trading gold. Results vary depending on your strategy and overall business plan. And while trading for a living could make you a millionaire, many will lose money.
So make sure you understand your own limits and do your homework before you open an account...