XAUUSDGlobal Rooms
School of Gold

Stage 1: Spot, know what you trade

What XAUUSD is, how gold is quoted, what one lot is worth, what trading costs, when gold trades and how orders work. The ground every later stage stands on.

Stage 1 of 411 steps4 lesson quizzesFree, no sign-up

Spot is named after the spot price, the price for immediate delivery that XAUUSD tracks. Most beginner losses on gold come from not knowing this stage: a position that is ten times too large because one lot is 100 ounces, a stop hit by the spread, a trade opened in the thin hour around the daily break. None of it needs a strategy, only careful reading.

By the end of this stage: You can explain a XAUUSD quote, work out what a $1 move is worth at any lot size, name the sessions in your own time zone and place every order type on a demo account.

Education, not signals. Nothing here tells you what to trade. Leveraged gold trading carries a high risk of loss: practise on a demo first.

Your progress in this stage

Work down the list in order. Tick a step when you have read it or used the tool. Lessons marked “Lesson + quiz” end with a five-question quiz; pass it (4 of 5) and the step ticks itself. When every step is ticked and you have passed the stage quiz at the bottom, you earn the Spot badge.

Your progress

0 of 12 steps done (lessons + stage quiz)

Spot badgeNot earned yet

Ticks are saved in this browser only (nothing is sent to us). Passing a lesson quiz ticks that lesson by itself. Moving to another device? Use the progress code.

The Spot stage, step by step

  1. Guide · 15 min readWhat Is XAUUSD? The Complete Guide to Trading Gold
  2. Guide · 6 min readHow Much Is 1 Lot of Gold? XAUUSD Lot Size in Ounces, Grams, Dollars and Margin
  3. Guide · 5 min readGold Bid and Ask Price Explained: Why the Buy Price Is Higher Than the Sell Price
  4. Guide · 6 min readXAUUSD Spreads, Commissions and Swaps: The Real Cost of Trading Gold
  5. Guide · 6 min readSpot Gold vs Gold Futures: Why XAUUSD and COMEX GC Show Different Prices
  6. Free toolGold market hours in your time zone
  7. Guide · 8 min readLondon vs. New York Sessions: What Gold Traders Should Understand
  8. Lesson + quiz · Intermediate · 13 min readLondon Session Gold Trading: How XAUUSD Behaves at the London Open
  9. Lesson + quiz · Intermediate · 15 min readNew York Session Gold Trading: US Data, the Overlap and Volatility
  10. Lesson + quiz · Beginner · 17 min readOrder Types and Execution for Gold (XAUUSD): Market, Limit, Stop Orders, Spreads and Slippage
  11. Lesson + quiz · Beginner · 8 min readScalping vs Swing Trading Gold: Which Fits Your Life and Account

Printable study notes for this stage

One-page notes in a hand-drawn notebook style, with a sketch diagram and the key lines highlighted. Print them or save them as PDF and keep them beside your screen.

Stage 1 quiz

The Spot stage quiz

Ten questions drawn from the lessons in this stage. Where a question says “the lesson”, it means the stage lesson it comes from. Score 8 of 10 or better to pass the stage quiz.

1What does XAUUSD mean?
2On most trading platforms, how many troy ounces are in 1.00 standard lot of XAUUSD?
3With 1 lot = 100 ounces, what is a $1.00 move in the gold price worth on a 0.10 lot position?
4A hypothetical quote shows XAUUSD 4,000.20 / 4,000.50. Which statement is correct?
5What happens to a stop order when its trigger price is reached?
6When are gold spreads usually tightest, according to the lesson?
7Why does London matter so much for gold, according to the lesson?
8At what London times are the two LBMA Gold Price auctions held?
9What does the lesson say to expect on an FOMC day?
10How does the lesson frame the choice between scalping and swing trading?

Answers and progress stay in this browser only (nothing is sent to us).

Where next

Next: Stage 2: Ounce

All four stages and your badges are on the School of Gold page. Prefer goal-based paths with practice tasks? See the free gold trading courses; every lesson quiz you pass counts in both.

Frequently asked questions

Do I need a trading account for stage 1?

No. Everything in stage 1 is reading plus a free demo account for practising orders. No real money is needed, and the school never recommends a provider.

How long does stage 1 take?

Most people need three to five hours of reading and an hour of demo practice. Take it in short sessions; the order of the list is the order that makes sense.

Educational content only, not financial advice. Trading gold with leverage carries a high risk of loss.