GlossaryGOLD Overlay
GOLD Overlay
Overlays the gold price as a line on the symbol's price. The question behind it: is the symbol moving with the oldest store of value, or leaving it behind?
What is drawn
The gold price in USD per troy ounce, as the closing value of the gold future with the nearest expiry (front month). It usually differs from the spot price by only a few US dollars. On days without trading, the last value stays in effect.
The line is fitted into the visible price range: its lowest visible value sits at the lower edge and its highest at the upper edge of the middle 80% of the price pane. The legend at the crosshair shows the real gold price.
How to read it
- Same path: If the symbol and gold move together, the market is trading both as a hedge against the same risks, such as currency debasement or falling real interest rates.
- Diverging: If gold rises while the symbol falls, capital is fleeing to safety rather than into risk.
- Don't read percentages from the distance: The candles and the gold line each have their own scale. A steeper gold line doesn't mean gold has risen more in percentage terms. Compare direction and turning points, not slopes.
Good to know
- When rolling to the next contract, the line can make a small jump.
- No settings other than the style. Intended for 1D to 1W.