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How Do I Trade Gold On MT4?

Date: Tuesday, January 14, 2020 10:20 AM EDT

Trading gold on MetaTrader 4 is pretty easy, in terms of the practical procedure of entering and exiting the market.

It’s virtually identical to trading currencies, which is why a substantial amount of Forex traders also trade/invest in gold from the comfort of their trading platform.

There are details that vary from broker to broker, such as margin levels. Some FX brokers have different margin requirements for precious metals, for example.

However, the basics of operating MT4 when trading gold are pretty much the same. Mind you, this is about how to open and close trades. Developing a trading strategy for gold is an entirely different (and much broader) subject!

Options Available on the Platform

Most Forex brokers offer two types of gold that you can trade: exchange and spot.

What’s the difference? In terms of price and how you trade, not much. But they do imply some differences in your strategy. They are:

  • Spot (usually under the symbol GOLD), refers to the spot price of the metal on the commodity exchange. It’s quoted in dollars, and often the price people mean when they are talking about the price of gold
  • Exchange refers to a “cross” between gold and a currency, as if it were a currency pair. For example, XAU – the symbol for gold – quoted in euros (EUR) would be XAUEUR on your MT4 platform.

Note that the spot price of gold and XAUUSD is basically the same thing, and your platform might have either GOLD or XAUUSD.

Where is it?

On the left hand of your MT4 screen, you should have a panel called “Market Watch” which lists all the instruments your Forex broker offers. In this example, in the middle, you can see the GOLD:

Sometimes not all the instruments available are listed, just the “most frequent”, and you might not see gold listed.

In order to see all of the options on the platform, you want to right-click on the top where it says “symbol” and then “show all” in the menu that appears like this:

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