Gold is one of the first and oldest assets, traded globally for millennia, and its popularity today is at its highest with ongoing demand from all sectors. Gold is a safe-haven asset, an inflation hedge, and a wealth symbol. It is also a highly liquid asset and part of every well-diversified portfolio. Gold prices reached record highs above $2,145 per ounce in December 2023, with predictions for double-digit gains in 2024, and today, we will look at how to trade gold on MT5.
How to Add XAU/USD on MT5 & MT4
Given its popularity, most brokers list the XAU/USD, the trading symbol on MT4/MT5, by default in the Market Watch tab on the left-hand side of the trading platform.
Here is how to add XAU/USD on MT4/MT5 if a broker does not list it by default:
- Open your MT4/MT5
- Right-click anywhere in the Market Watch tab and click "Symbols" or press CTRL + U.
- Locate gold in the list.
- Click “Show”
Noteworthy:
- Traders can also click the green “+” in the bottom-left corner of the Market Watch tab and type XAU/USD or gold.
- Right-clicking anywhere in the Market Watch tab and clicking “Show All” will show every asset the broker offers on the trading platform.
Understanding the XAU/USD Chart on MT4 & MT5
Before learning to trade gold on MT5, traders should understand the XAU/USD chart.
Core aspects of the XAU/USD Chart
- The X-axis represents time.
- The Y-axis represents the price.
- Traders can choose from various chart types, like bar, line, or candlestick.
- MT5 supports over a dozen time frames.
- One-click trading is available at the top-left corner of the chart.
- 1.0 standard lot in the XAU/USD equals 100 ounces of gold.
Pros & Cons of Trading Gold on MetaTrader
Part of understanding how to trade gold on MT5 includes knowing the pros and cons of gold trading on MetaTrader.
Pros of Trading Gold on MetaTrader
- Availability
- Algorithmic trading
- Copy trading
- Mobile trading
- Multiple gold crosses
- In-depth technical analysis
Cons of Trading Gold on MetaTrader
- Traders need to educate themselves properly.
- Dated user interface.
How to Trade Gold on MT5
Every trader has preferences for analyzing gold trends and managing gold positions. Despite the differences, some similarities remain, as noted below.
Technical Analysis
Stop Loss and Take Profit levels.
Closing Gold Positions
Maximizing Your Chances of Trading Gold Successfully
Learning how to trade gold on MT5 is simple but challenging. You can consider our tips below to maximize your gold trading success.
Tips on how to trade gold on MT5:
- Invest sufficient time into in-depth education.
- Know the factors that can move gold prices, including geopolitical uncertainty, interest rates, global economic data, and the US Dollar, which often positively correlates with gold prices.
- Understand the relationship between leverage and risk management
- Learn how to use entry, exit, take profit, and stop loss levels.
- Trade with sufficient capital and adjust your lot size accordingly.
Bottom Line
Trading gold on MT5 offers traders an excellent opportunity to hedge their portfolios, earn from price action, take advantage of deep liquidity, and take advantage of many short-term and long-term trading opportunities. Unlike most assets, gold prices can fluctuate due to many factors, making it more challenging to trade. Therefore, beginners must invest sufficient time in education before trading gold. MT5 is an excellent gold trading platform that supports in-depth technical analysis and algorithmic trading.
FAQs
Can I trade gold on MetaTrader 5?
Traders can trade gold on MetaTrader5 if their broker offers it, which most do, given its popularity and liquidity.
What is the symbol of gold in MT5?
The gold symbol in MT5 is usually XAU/USD. Some brokers also offer gold quoted in other currencies, replacing the quote currency from USD with alternatives, like XAU/EUR, XAU/GBP, XAU/CHF, XAU/AUD, XAU/NZD, XAU/CAD, XAU/JPY, and other currencies.
Can I trade gold on MetaTrader?
Both MetaTrader platforms, MT4 and MT5, fully support gold trading, and most brokers offer gold as an asset.
How do I add gold to MetaTrader?
Gold is often among the default assets available when traders open MetaTrader, listed on the left-hand side of the trading platform in the Market Watch tab. Should a broker not have it listed by default, traders can right-click anywhere in the Market Watch tab, select Symbols, press CTRL + U, locate gold, and click “Show”.
What is the best platform to trade gold?
The best platform to trade gold is the one that offers traders the necessary tools to execute their strategy. MT4/MT5 rank among the best, as they fully support algorithmic trading, have a detailed charting package, and an embedded copy trading service.
How do I trade gold on MT5 mobile?
Traders must download the MT5 mobile app, log into their MT5 trading account with the credentials provided by their broker, locate gold from the list of tradeable assets, and follow the on-screen instructions to place a trade.