A price chart is easy to misread. Here is what the axes, time ranges and scale tell you, and the traps to avoid when you look at gold or silver over time.
Short answer: a price chart plots the price over time. Check the currency and unit, pick a time range that matches your purpose, and remember that a chart shows what happened, not what will happen. The same data can look calm or dramatic depending on the range and the scale.
Check the metal, the currency and the unit, usually per troy ounce. A chart in another currency will look different from a US dollar chart, because the exchange rate moves too. See tracking in your own currency.
Pick the range that matches how long you plan to hold, not the one that looks most exciting.
A chart that does not start at zero can make small moves look large. Look at the labelled values on the vertical axis, and the percentage change over the period.
A chart is more useful when you compare it with what you paid. Your average cost per gram tells you whether today's price is above or below your cost.
Charts show the past. Patterns that look obvious afterwards are much less clear in real time, so use charts to understand context, and make decisions from a plan. The spot price entry explains what the number measures.
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