The reverse relationship between the value of the U.S. dollar and that of gold is one of the most discussed relationships in currency markets. The dollar is an internationally accepted currency and most of the international transactions take place in dollar equivalent.
The major reason behind the relationship of gold and USD exchange rate is that gold is used as a hedge against the adverse exchange value of the dollar. Thus it is not surprising that several people trade gold using the US dollar.
For novice traders who want to profit in a short period of time, expert advisors offer them a simple solution. To make things simpler, the following is a compiled list of some of the top expert advisors you can use for automated gold trading.
1. Gold Trading Robot from Altredo
The Altredo gold trading robot trades the XAU/USD pair. It catches every movement of this pair whether it’s a rapid fall or explosive growth. Average traders trading manually can never properly keep up with the movements of gold on the stock exchange. The gold trading robot prevents this by automating the whole process. The gold trading robot can work for both novice and experienced traders. The EA is also compatible with Mac, Windows and all tablets and phones.
2. Gold Scalper EA
Gold Scalper EA is an EA that combines scalping with gold trading. It was developed based on the pure price action of the commodity market and the specific trend pattern of gold. One can use this EA with a minimum deposit of $100. The EA works best with MetaTrader 4 and with brokers that offer raw spread accounts. It mainly works on the one hour time-frame.
3. Aura Gold EA
Aura Gold EA is totally automated and works with the XAU/USD pair only. The EA is based on a machine learning cluster analysis and algorithms. The algorithm is self-adaptive and uses price action patterns and conventional trading signals such as CCI and ATR. It has an amazing track record between the years of 2011 and 2020. The EA ensures that they do not use any risky strategies such as martingale, grid, hedge, or scalping.
4. Gold Miner EA
Gold Miner EA is a free gold miner expert advisor that uses a news-based strategy. That means it only trades when news releases come out. It employs its strategy only when the impact of important news is high. Its strategy has been described as a secret target profit and target profit step strategy with a variable amount per based lot setting. While it only trades a few times a week, it makes an average of over 100% profit by using the default leverage of 1:300. As it’s using live news releases, it cannot be back tested.
5. Gold Trader EA
Gold Trader EA is a gold trading forex robot developed by the team of LeapFX who are known for pushing the envelope when it comes to coming up with innovative trading strategies. The EA is capable of delivering more than 45% of profit per month. It also provides a detailed manual with instructions on how to set it up, adjust risk and applying the best-recommended settings. While it’s pretty simple to install, there is a team of support staff on standby ready to help any clients facing problems.
Conclusion
Gold has always been a sought-after commodity since the beginning of trading. With online forex trading robots in popularity, it’s no surprise that these software programs have also entered into the gold trading domain. The above are some of the most tried and tested Gold trading expert advisors available.