What should I look for in a XAUUSD Chart?
The most popular xauusd chart types are:
- Line Charts
- Bar Charts
- Candlesticks Charts
The best chart to trade with when you want to start xauusd is the candlesticks chart. The candlesticks charts are easy to use and easier to interpret when trading. Beginner traders should start with this type of chart which is easier to use when it comes to technical analysis of xauusd charts.
Candlesticks - these use same price data as bar charts (open, high, low, & close). However, they are displayed in a much more visually identifiable way which looks like a candle with wicks on both its ends.
How to Analyze Candlesticks Charts in XAUUSD
The rectangle part is called the body.
The high and low are described as shadows and drawn as poking lines.
XAUUSD Candlesticks Charts - What should I look for in a XAUUSD Chart?
The color of the candlestick is either blue or red
- (Blue or Green Color) - XAUUSD Prices moved up
- (Red Color) - XAUUSD Prices moved down
Most trading platforms like the MetaTrader 4 XAUUSD Platform, use colors to mark the direction of the candlesticks. Colors used are blue or green: when price moves up - green candlesticks, when price moves down - red candlesticks.
