KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 30 November 2024 – Before entering the market, traders need to identify potential price movements to avoid ad hoc trading decisions. Otherwise, they increase risks and merely rely on luck. For instance, gold recently declined below $2,600 per ounce, marking its lowest point since mid-September 2024 as a strengthening U.S. dollar put pressure on traditional safe-haven assets. This movement was driven by broader economic shifts, including expected fiscal and monetary policy adjustments following Trump’s election victory, with further implications for inflation and interest rates. As traders weigh these potential changes, they can recognise market patterns and adjust their short and long-term strategies accordingly. Octa’s financial market analyst Kar Yong Ang shares tools and approaches for beginners to monitor and analyse potential price movements.
Effective methods for tracking asset’s price
Analysing the market and assets’ prices is time-consuming. Traders monitor the graphs and follow economic and political news to identify where the price is about to move. However, beginners may spend too much time trying to validate their trading assumptions. Eventually, they may either hesitate a lot and miss an opportunity or hasten and increase the risks without proper analysis.
Here’s where advanced tools come into place to facilitate the process. For example, one can set up price alerts to avoid spending hours in front of the monitor and simply get notified when the price approaches a specific level. More advanced tools like AI-powered bots may suggest potentially profitable trades or assets, break down trading sessions, and provide constructive, impartial feedback.
