Gold “…is a form of money that has been in use for thousands of years, is recognized and valued world-wide, but is NOT issued by any central bank, and therefore is perfectly suited to tracking prices of things through time,” Charles Vollum blogs on Priced in Gold.com.
Little wonder then, that you are so passionate about gold – buying it, selling it or simply storing it! However, when monitoring its current prices and predicting your next investment move, you will need the help of much more extensive data; and data that is available on the spot and can be interpreted at a glance! Whether the gold market is bullish or is bearish right now- is what ‘gold live charts’ tell you!
What are Gold Live Charts
Gold live charts, available in varied forms of graphical representation, make it possible for you to track the rise and fall in the price, of this precious yellow-metal on a real time basis! Gold live charts are informative, analytical and predictive, state-of-the-art, charts; made available online by investment and research companies. Here, live data on gold prices is generated, streamed and updated every few seconds.
Gold live charts which are highly-rated are usually based on accurate data, extensive research and created by financial experts from across the globe.
Gold Live Charts May Appear Complicated
While ‘gold live charts’ are very useful, they are often rather complex to understand even for gold enthusiasts, states Vollum, who has done extensive work in gold pricing and investment. He is regularly asked: “What do these charts mean?”, and “How do I interpret this chart?” he states on his blog. To which he replies -“Price charts are simply a series of marks showing how the price of a thing has changed over time,” he explains.
Understanding That Gold live Charts are of Different Kinds is Important
When reading ‘gold live charts,’ the first thing to note, is that these may be of different kinds. These charts with technical analysis of bar graphs, candlestick graphs and line graphs, may be made available to customers, either for free or for a payment. Gold live charts may also be slotted according to time-frames, or categorized according to quantities of gold, such as-grams, ounces and kilograms.
Finally, these may also be classified based on the different international ‘currencies’ they are represented in terms of – like, US Dollars, Australian Dollars, Canadian Dollars, Euros, Japanese Yen, Swiss Francs and UK Pounds Sterling. So, depending on your need and use of ‘gold live charts,’ you may use the one that best suits your purpose.
Check Out the ‘Technical Analysis’ Option besides the Online‘Gold Live Chart’
Most online providers, offer ‘gold live charts’ with multiple options and in a highly organized fashion. The most updated price is first made available. This is mentioned along with the “previous day’s closing price,” “today’s opening price” and the “day’s range of variation in prices.” Such charts also offer the option to investors, to track historical data based on a daily, weekly, monthly, yearly, quarterly half-yearly or annual basis.
Gold live charts are usually made available on a streaming or interactive basis and reflect the changing prices of gold in real time. While viewing the charts, you can also go through tables that mark out the ‘pivot points,’ ‘technical indicators’ and ‘moving averages,’ of gold prices, here.
However, if the numbers and graphs provided here, is not your cup of tea – just click on the ‘technical analysis’ option available on most such websites; and a simplified and summary explanation of current gold price trends, will appear in front of you. This will indicate to you, whether, now is the right time for a “strong buy” or a “strong sell” decision, where gold is concerned.
Learning How to Interpret the Graphical Representation of Gold live Charts is the Key
Just like in the case of foreign exchange charts; gold live charts, are also represented in varied forms, from the traditional- line charts and bar charts, to the exotic ‘renko charts’ and very popular, ‘candlestick charts.’ Among these, Walker England, a foreign exchange instructor, recommends using candlestick charts for better interpretation of market trends, on Daily Forex.com.
“…candlesticks are easy to read with a little bit of practice. Once you understand the basics, they have the ability to open up an array of trading opportunities. …after learning to analyze candlesticks, traders often find they are able to quickly identify different types of price action that they could not quickly identify before with other types of charts,” he states.
Many believe that, there is no substitute for interpreting gold live charts, yourself. So in the long run, it may be a good idea, to invest time and practice learning –how to read gold live charts.
This article was written by Phil Steel, an experienced researcher and financial writer, who regularly studies gold live charts to check on his precious metal investments.