Xauusd questions - new to xauusd

Beginner Questions
1

Hi guys,

I have only recently started taking interest in XAUUSD because I used to think its XAU refers to some odd currency that is not a major.

Please let me know if XAUUSD is a major in the market ?

  • are the volume and reliability other factors for XAUUSD similar to currency such as EUR/USD

  • I jsut saw the chart and it is 1200 $ or something - what is it that one gets for 1200 ? 1 Gram of XAU ?

  • What is the tick value of the unit that costs 1200 @ as of now ? Like how much is the cost and how much is the profit of one standard lot ?

  • how much would I have to trade in order to make $1 for each tick ?

Please let me know

Thank youe

2

Im pretty sure that all brokers will have this information readily available for you on their website in an easy to read and understand table (along with all other trading symbols and pairs that they offer)

I’ve seen it numerous times - go and take a look

3

Or to some odd metal, perhaps? XAU = gold (“Au” is the symbol for the [I][U]element[/U][/I] gold, from the Latin “aurum”). Not [I]exactly[/I] a currency … :wink:

An [I]ounce[/I], I hope, rather than just a gram??? :o

4

Thank you Lexys :slight_smile: - I realized that it was the element symbol for gold - used to think it was some other currency because it was listed way below

5

I was only trying to be funny, getting the word “element” into my post, sorry … :8:

It’s just the price of gold, anyway: quite a lot of forex brokers offer it as an “extra” (it’s “commodities” really, of course).

6

It was very funny :slight_smile: - why are you saying sorry ?

I was earlier actually wondering why this weird symbol - then remembered the table and the elemental symbol for gold - then I started exploring further. :slight_smile: