What is the best time to trade gold?
Thanks to online trading platforms, traders can trade from anywhere at almost anytime. But when is the best time to trade in order to enjoy the best liquidity and lowest spread?
Take gold as an example, Doo Prime offers the trading time from (GMT+0) 23:01 on Sunday to 21:55 on Friday or (GMT+7) 6:01 on Monday to 4:55 on Saturday for gold spot (XAUUSD).
During this period, the best time to trade USAUUSD is when London, New York, and Hong Kong markets open as these three markets often take up a majority shares of the overall market activity.
And when these major market sessions overlaps, traders can enjoy a very high liquidity due to the vibrant transactions happening during the overlapping session and thus the probability of finding a profitable trade is very high.
The London session runs from (GMT+0) 8:30 to 16:30 or (GMT+7) 15:30 to 23:30; or (GMT+0) 7:30 to 15:30 or (GMT+7) 14:30 to 22:30 during daylight saving time.
For the New York session, it runs from (GMT+0) 13:20 to 20:00 or (GMT+7) 20:20 to 3:00; or (GMT+0) 12:20 to 19:00 or (GMT+7) 19:20 to 2:00 during daylight saving time.
The Hong Kong market opens from (GMT+0) 1:00 to 9:00 or (GMT+7) 8:00 to 16:00.
Hence, the time periods when the market sessions overlaps are (GMT+0) 13:20 to 16:30 or (GMT+7 20:20 to 23:30 for the London and New York session and (GMT+0) 12:20 to 15:30 or (GMT+7) 19:20 to 22:30 during daylight saving time.
As for the London and Hong Kong session, the time when they overlap are from (GMT+0) 8:30 to 9:00 or (GMT+7) 15:30 to 16:00.
On top of that, traders are advised to pay close attention to the latest economic developments, demand for gold, and geopolitical risk arising around the world as these factors will have a direct impact on the prices and volatility of gold.
All these can be quite a hassle for traders, especially those who just started trading. Hence, Doo Prime has partnered with established market research firms Strategic Alpha and Trading Central to provide the latest market insights and trading ideas for clients.
To find out more about what will be the next move for gold prices, become a Doo Prime user with just a minimal deposit today.
