Analyze XAU/USD Using These 3 Steps

The gold market offers high liquidity and great opportunities for profit due to its unique position in the world's economic and political system. As one of the oldest currencies on earth, gold is traded by people from all walks of life.

Gold trading is the activity of buying and selling gold on the forex market without having to physically transfer gold assets like conventional gold investments. So, in gold trading, the most important thing is the value contained in the gold. The gold trading system itself is similar to trading stocks, forex, or crypto. Of the four types of trading, what differs is only the object.

In the world of trading, gold is a currency with the symbol XAU. Usually, this XAU currency is associated with the value of the US dollar (XAU/USD). The up and down movement of the US dollar value can be a reference for traders when trading gold. The reason is, when the dollar weakens usually the price of gold will rise. This condition is the right time for traders to sell gold. Conversely, if the value of the US dollar strengthens, it is a good time to buy gold.

Before plunging into the world of gold trading, traders need to know that gold trading moves quite fast. Therefore, the preparation of strategies when trading is very important, especially for traders as short-term traders. With the right strategy, traders can get maximum profit when trading gold.

SNR Levels

Support and resistance are likened to the two most discussed attributes in analysis where support is a level that has the potential to hold back a price decline. Meanwhile, resistance is a level area that has the potential to hold back price increases. This level is used to determine whether the price will continue or reverse.

Basically, SNR aims to find out the right area when taking a buy or sell position and determine the target price movement. The support area is generally an area used as a reference for looking for buy positions, while the resistance area is used as a reference for looking for sell positions. Support and resistance are not sufficiently understood in theory, but traders need to take advantage of the help of technical indicators or certain methods of mapping price movements.

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