Gold is one of the most difficult financial assets to value. Gold is similar to a currency like the U.S. dollar or the euro because it is durable, portable, uniform across the world, and widely accepted; however, unlike these more commonly traded currencies, gold is not supported by an underlying economy of workers, companies, and infrastructure.
In other ways, gold is more similar to a commodity like oil or corn because it comes from the ground and has standardized physical characteristics.
A number of forex robots have started targeting the XAU/USD pair after recognising the increase in demand. In 2022, which is a year marked by economic uncertainties, here are some of the top forex expert advisors you can use for gold trading.
1. Golden Coup EA
Golden Coup EA is a gold trading forex robot with a drawdown below 20%. It is programmed in a way that allows it to learn and adapt to changing conditions. This self-adaptive market algorithm uses price action patterns and standard trading indicators. The developer ensures that there is no martingale, no grid, scalp or hedge strategies used. The EA has efficient money management and supports ECN accounts.
2. Advanced Gold Trading
Advanced Gold Trading EA is a news trading forex robot that trades the gold pair. The strategy was prepared after vigorous backtesting from 2008 to 2022 using every tick based on real ticks in MT4 using Dukascopy. The EA follows trends and uses a news filter to stop the EA before any high impact news. Additional features include a smart time filter as well as a scalping mode.
3. Invictus Gold EA
Invictus Gold is a forex robot that uses an advanced trading algorithm that is based on the standard and simple Bollinger Bands indicator. By using a filter of behavioural factors, this forex robot analyzes the depth of the market and makes a decision about entering the trade based on the analyzer’s filter data.
This allows it to identify optimal points to enter the market, filtering out false entries not supported by stable market behavioural patterns, achieving a large number of profitable trades as a result.
4. Gold Extractor
Gold Extractor comes with a complex panel with all functions that one needs for manual trading for gold. It takes into account important information such as US polity changes, country bond yield changes and others.
The EA comes with a trail function, auto-close function, martingale recovery, and auto-close with a customized profit. It uses scalping to trap gold movement by using online fundamental data and US10Y and inflation expectations. The EA comes with inflation expectations of 13 major/important countries on your chart, on your panel. It can trade on the M15 and M5 timeframes.
5. EA Golden Elephant
EA Golden Elephant is a gold trading forex robot that detects a trend reversal by trading with the XAU/USD instrument. It detects the trend reversal of the XAUUSD (gold) trading pair, filters out market noise and generates entry and exit signals. With aggressive and trading methods, this EA allows one to get big profits in a short time.
6. Gold Scalper Presidential
Gold Scalper Presidential is a gold trading forex robot that combines price action and momentum trading. By tracking market movements and looking for trading signals that have high-profit probability, it has developed a very rich trading strategy. It does not use fixed stop loss, which means traders do not need to worry about floating positions. To reduce risk and protect the trading account, the EA uses 3 separate stop-loss strategies.
7. Black Gold EA
Black Gold EA is an automated trading system designed exclusively for gold. It uses a new trending indicator strategy and intelligent risk reduction algorithm with stop loss options. With a minimum deposit requirement of $500, the EA comes with manual trading tools inbuilt to control the EA from a simple interface. It is recommended that one use an ECN account with Black Gold EA.
As with any trading instrument, there is no single “best” way to trade gold. However, the new class of expert advisors can easily provide novice traders with the tools they need to enter the lucrative gold market.