How to Use Live Gold Price Charts
The GOLDPRICE.ORG Live Gold Price Chart allows you to find out what is happening with the Gold Price or Silver Price in real time, it is considered by many of the worlds most highly regarded gold traders, and gold commentators to be the best gold price chart available online. The Live Gold Price Charts have become an essential tool for gold traders and gold investors around the world. There are no fees to use the charts and they provide you with unlimited access to real time and historical gold price charts.
This guide will take you step by step through the various resources and tools available on the Live Gold Price chart.
Here is a picture of the Live Gold Price chart as you first see it.
The numbers across the bottom are the date and/or time of the chart depending on how it is set. The figures on the right (and sometimes, as you will soon see, on the left) is the price of gold. The blue dotted line shows the current gold price at any given moment.
The Live Gold Price chart uses Java, so you will need Java to see and use the chart. You can download Java here.
You will see across the top of the chart a row of words called the Menu Bar and under that a row of icons or small pictures called the Tool Bar.
This guide will explain what each word and icon is and does and will include some pictures so you can see what to expect when you select any one of them.
The Menu Bar has a number of useful resources you can use to select various functions such as change the time, scale of the Live Gold Price chart and many other applications.
This is a very useful tool as it allows you to select, not just the gold price but other precious metals also such as silver, platinum, palladium etc. In addition you can select various currencies such as USD, Euros, Yen GBP, Canadian Dollars, Australian Dollars, and find out the trend of those currencies compared to others.
If you select the Instruments application, you will get a drop down box from which you can select one, or up to two of the following:
Gold Price, Spot
By default the chart comes with the spot gold price displayed and, by selecting the 'Silver Price, Spot', you can add that to the chart and compare the two.
After you have selected the 'Silver Price, Spot' you will be presented with a small box like this:
Here you select "overlay" and the color you would like. It should be different to the color used for the gold price so you can see the difference between the two and you know which is which.
To help you do this you will be presented with a color swatch to choose the color from. Make a selection (I have chosen red)
Click ok and then ok again and after a moment both gold and silver trends will be shown on the chart rather like this:
As you can see the trends follow each other. Remarkable isn't it.
Using this feature you can do many comparisons between the various precious metals as well as currencies and the oil price.
You will see that just under the tool bar, the two trends you have selected will be listed.
GOLDPRICE.ORG – Gold Price, Spot. 1 hour # 300. Silver Price, Spot.
So you know what your chart is presenting.
What sort of chart do you want? A line, or Candle Stick or maybe some other type? The Chart Type gives you a choice as follows:
OHLC is an acronym and means, "Open High, Low Close (stock markets)". It refers, in this case, to the price of gold at its highest and at its lowest in a given period of time. This is why the chart comes up as little vertical bars. The top of the bar represents the highest price and the bottom the lowest price. HLC is simply High/Low/Close. So you can select whatever type of chart you want with this feature.
The time scale is pretty obvious. This is a drop down box where you can select the time scale you want to look at. This can be from "ticks" which is when each price change occurs through to minutes, hours, days weeks and even months. This will depend on what sort of trend you want to look at.
You simply select the time scale you want and the chart will adjust to that time fame.
Here you have the opportunity of changing how the chart is presented.
Periods- This is number of data points you can use in the chart. You can change the number of days the chart displays by changing the number of data points. i.e. how many data points are viewed on the chart. If, you select 5 data points you will see only 5 bars on the chart.
You will notice that the time frame for the entire chart has reduced to 5 hours.
Information - Information, is very useful and provides a breakdown of the closing, high low and open price of gold for a particular time and date. As you move the mouse over the various trends of the chart the information changes to reflect the information at that time and date.
You can also bring this information box up anytime by clicking the right mouse button.
You will see there are other functions also.
Next in line is the Edit Function. This would not be used very much particularly. This used to be called Lines but was changed to Edit.
Functions available in this drop down box are:
These are mostly used by financial analysts.
Next we have Studies.
Again this is primarily an area for serious gold and silver traders. Further information on some of these features is provided in the Help section of the Live Gold Price chart.
Here is a picture of what you can expect to see in the Studies Function.
Next we have Zoom, which is pretty self explanatory. Once you get the drop down box you select Zoom. The drag the curser along from left to right, the area you want to zoom and that section you have selected will fill the chart area presenting itself for closer study. You can select Zoom out when you have finished.
Time Zone - Here you can set the time zone for your particular country and time zone. Or your may like to setup New York time which is the same as Eastern Standard Time, so you watch the gold price action as the market opens at 8:20 New York Time and as the silver price action as it opens at 8:2am New York or Eastern Time. The US gold and silver markets close at 1:20pm New York Time.
Click on the small black arrow underneath the cross
Then you can select your time zone from the drop down box.
Looks and Feels - simply changes the chart to a windows presentation and is purely cosmetic.
Some of the functions from the Menu Bar are also found on the tool bar for easy access.
The Tool bar looks like this:
Firstly the Pin Icon on the extreme right enables you to detach the chart from the goldprice.org web site. This means you can then minimise the goldprice.org web page yet retain the chart.You can also expand the Live Gold Price Chart to fill your entire screen if you like. If you close the Live Gold Price web page the chart will disappear also as it depends on the Live Gold Price web page to exist.
You can then move it around the screen to suit your preference.
Starting now from the left, the symbol shows and hides the cross hair. With the cross hairs' showing you can see the price of gold displayed also. Click the icon again and the cross hairs and gold price will disappear.
The is not active at this time.
The button is the Zoom in function. When it is activated the icon next to it becomes active as that is the zoom out icon.
The icon is also not active at this time.
The icons provide a facility to draw lines on the chart to emphasis trends. As you can see there is an uptrend, down trend horizontal trend and steep down trend lines available. The icon on the far right is the generally the most useful as it allows you position the line where ever you like. This tool is the most useful for drawing in uptrends and downtrends for the gold price. Uptrends and downtrends are very helpful for deciding when to buy gold. When a downtrend is broken and gold starts to move above it, that is often a good time to buy gold. When a uptrend is broken that may be a good time to sell gold. However, in these cases its best to use either an hourly chart or daily chart to time gold purchases using longer term uptrends.
The icons are delete icons. The rubber will delete the last function and the x will delete all functions added to the chart.
The is an icon for the period function we described earlier and the expands the chart on a points system where you put as many points in as you wish in a drop down box. This allows you to ad some white space in the future so you can see where your uptrends or downtrends may be headed in the future. The default, by the way, is "0".
The icons are the print and print preview icons.
That covers the basics of how to get good use from the Live Gold Price Chart.
Further information is obtained by going to the help section in the menu of the chart if required.
'Happy Live Gold Price Charting'