We all know much about the forex trading market, but do we know enough about the XAUUSD? If yes, well and good, if not, then don’t worry as we are here to support you.
This article contains all of the necessary information that one should possess, like XAUUSD opening time in South Africa, what XAUUSD is, and many more. So stay tuned to unleash the excitement.
What is XAUUSD?
Gold is considered one of the best and effective for investors to diversify their portfolios in order to minimize the risk of loss on the investments.
So, in the forex trading world, XAUUSD is a term that represents the price of 1 troy ounce of gold in US dollars. Or we can say, in simpler words, it tells the traders how many US dollars they would need to buy single troy ounce.
What is XAUUSD opening time in South Africa?
So, to understand the XAUUSD opening time in South Africa, we must realize the forex working hours of the region. Let us explain why. So as we discussed above, XAUUSD is a term given to the gold trading market of forex. Thus it can only open in forex trading hours of any country.
So what are those hours? Well answer to this question is a bit detailed. So, the forex market is divided into four-person sessions worldwide, i.e.,
- Sydney session
- Tokyo session
- New York session
- London session
Now, when we talk about South Africa, it falls under the London session. Thus market opens accordingly. However, London is few hours fourth of South Africa which means, the timing may vary according to distinguish seasons of the year.
Therefore, the official timings for the XAUUSD to open are 23;00( during the march to November) or at 00:0( during October to March).
How to trade XAUUSD effectively?
There are various steps one must take to reap maximum benefits out of the XAUSSD trade. Some of which we are listing below
7 Tips to trade XAUUSD efficiently in South Africa
- Target previous highs and lows to simplify the analysis
- Use symmetrical triangle for analysis
- Track and evaluate the industrial and commercial demand for gold
- Track real interest rates
- Target moving average crossovers
- Gather updated data about the changes in gold production
- Monitor central bank buying
In a nutshell, traders use gold to minimize the risk of loss and as a way to hedge over against investment. XAUUSD is one of the gold pairing forex brokers now offer, thus simplifying how to incorporate gold as an element of your forex trading strategy.
Nevertheless, the time frame of XAUUSD to open in the South African region is similar to that of forex trading hours as both are interrelated and directly proportional to each other ( in terms of time). Nevertheless, follow all of the seven above-listed tips to assure profit generation and maximization in the long run.