Trading gold XAU/USD

Beginner Questions
1

I recently became interested in silver and gold (XAG/USD and XAU//USD) as I noticed they have a high volatility like cross pairs, but even more.

I have a question to ask, if for example, XAU/USD dropped from 1204.000 to 1170.000 (June 17-June 25), that is a 3400 pip change?!

Using the oanda calculator, that would be a $3.4M profit on 1 standard lot…

So if you normally trade mini or standard lots on major currencies, what would be the equivalent to that on XAU/USD or XAG/USD?

Are there any tips to follow or keep in mind when trading these? Thanks

2

Most brokers has a 100 contract size for gold. So if you trade 1 lot, that would be 1$ for every dollar the gold moves. So to answer your question: 1204-1170 is 34 dollars move, so your profit would be $34 dollars.

3

Gold prices have been down for the past some sessions and it might continue to go lower in the next week.