Hello, I just want to know how to calculate the pips value of Gold (XAUUSD)? because as we all know gold has only 2 decimal places unlike other pairs that ranger between 3-5 digits.
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Its not a stupid question. In trading gold a pip is marked by 0.01.
What is frustrating is that so many new traders are understandably confused by pips, points, lots, units, micro-lots, standard lots, nano-lots and mini-lots. Especially when none of these are real assets. Is the industry deliberately trying to be confusing?
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Japanese Yen pairs have 2 decimal places while other pairs have 4 decimal places. What about Gold?. TIA