What is Gold? It is the most wanted of all precious metals. Your can read the Gold Prospectors Handbook by Black Jack. The real attraction of this precious metal is the hunt, the find and the adventure. It has an unusual property: Its density is 19 times that of water. The color and appearance is extremely unique, an yellowish glow. This metal is also soft in comparison with other metals. This metal is also non-magnetic. The chemical symbol of Gold is Au. See live Gold price below.
Gold Price Support And Resistance
Gold Futures daily Candlestick Chart
The chart above the daily candles will update automatically with gold price movements. You need to refresh the page manually.
Gold is traded heavily in MCX futures market and falls under the bullion category. The price quoted is for 10 grams. So if you see price of near month future is 29050, that means price of 10 grams of Gold is 29050. The trading unit is 1 kg.
There is also a mini version available in MCX where traders can trade 100 gms in the contract. Another popular bullion traded in MCX is Silver.
Brokers like Zerodha needs margin of around Rs. 1,15,000 to carry forward a Gold contract and they needs margin of Rs. 11500 to trade 1 lot of Gold Mini. In general intraday players try to catch 100 points in Gold price movement. So with an accuracy of 60% also if a trader can make 100 x 3 = 300 points in 3 winning trades and he loses 50 x 2 = 100 points in 2 losing trades then also he is making net profit of 200 points weekly from Gold contract.
You can create a Gold trading system with a 1:2 risk reward ratio and make good money from the commodity markets. Many traders use Pivot Point analysis OR Opening Range Breakout analysis to trade gold for intraday. For positional trading you can use SuperTrend indicator to trade Gold.