how do you calculate pips when trading XAU
"In gold it is better to think in dollars and cents, not pips. Technically, a pip is $0.01, or one cent. If you trade 0.01 lots and price goes $1.00 in your favor, you make $1.00. The spreads typically are $0.40-$1.00, depending on the broker. Yes, a dollar move is 100 pips.
1% profit of 10,000 is $100. If you trade with a full 1.0 lot, each dollar is worth $100, so it only needs to move $2, to cover your spread and net $100 profit. Yes, 200 “pips”. Just your slippage can be more than $2, so plan big."
At how much will you before trading gold
Excellent question for all beginners. Certainly if you have traded forex previously you might get a little bit confused with gold price calculation. I think that Greenish provided you good answer