Gold Trading Malaysia brings with it an array of numbers, curves and data points more info. Imagine trying to navigate this sea without a compass. Overwhelming? Absolutely! FXCM Markets has charting tools that will help you decipher golden trends. You can now dive into the world of technical analysis.
1. Line, Bar and Candlestick Charts Basics
FXCM Academy of Charts’ first lesson is for all gold traders! Bar and candlestick charts offer a deeper look at price trends. They also provide information on opening and closing prices, as well as highs and lowers. Candlesticks can be your best friend if you are looking for intricate patterns. Can you tell a Doji from a Hammer or vice versa? This is the gold market talking to you!
2. Indicators Galore – Moving Averages RSI and more
You may have seen those curved lines dancing along with the data. Moving averages help smooth out price fluctuations, and to spot trends. FXCM also offers the Relative Strength Index, which indicates if gold is being overbought. Listen out when the RSI flirts at numbers above or below 30.
3. Fibonacci Retracements: Gold’s Golden Ratios
Gold trading is not just about art. Golden ratios can be crucial to gold trading. Draw lines using FXCM’s Fibonacci tool to connect significant high and lower points. The resulting levels are a good indicator of potential resistance or support points. This is like having a more scientific version of a crystal-ball!
4. Pivot Points and Pivotal Points
FXCM pivot points are essential for traders who seek short-term strategies. Calculate pivot points daily to gauge market mood. Is gold above pivot price? Bullish vibes Below? Below?
5. Bollinger Bands – Dive deeper
Bollinger Bands is a unique tool to assess volatility. It encompasses price movement. When the bands begin to squeeze, you should be prepared for a price movement.
6. Custom Alerts – Never Miss a Golden Chance
Set up customized alerts in FXCM’s trading platform. You can be the first one to know when an indicator or gold price reaches a particular level.