Gold trading guide
Gold can be traded in two ways: as spot gold (XAUUSD) through a broker, or with COMEX futures contracts (GC and MGC). This page explains how the contracts differ, their tick values, the trading sessions, and how to plan risk before a trade. It is an educational overview, not investment advice.
One asset, two markets. Spot gold is flexible with a small minimum size; futures are standardised, exchange-traded contracts that funded accounts and prop firms use.
An over-the-counter (OTC) contract with a broker, quoted in US dollars per troy ounce. Position size is measured in lots (1 lot ≈ 100 ounces), but you can trade micro lots too, so the minimum risk is small. It trades around the clock Monday to Friday; the spread depends on your broker.
Standardised contracts on CME Group's COMEX exchange, with a fixed size and tick. The full-size GC contract represents 100 ounces of gold; the MGC micro is exactly one-tenth of that. Futures have central clearing and a transparent exchange price, which is why funded futures accounts prefer them.
A tick is the smallest permitted price move. Its cash value decides how much one move costs your account — and it differs between spot gold, GC and MGC.
| Instrument | Contract size | Tick / value | Venue |
|---|---|---|---|
| XAUUSD | ~100 oz per lot | broker-dependent | OTC / broker |
| GC | 100 troy ounces | 0.10 = $10 | COMEX |
| MGC | 10 troy ounces | 0.10 = $1 | COMEX |
GC and MGC exact figures: one tick on the full-size GC ($0.10) is worth $10, and one tick on the MGC micro is worth $1. MGC uses the same price series as GC, just at a size ten times smaller. Spot gold's tick and spread depend on your broker — check them in your broker's contract terms.
Gold moves most when London and New York are open at the same time. Two daily LBMA auctions and the US exchange hours give the day its rhythm.
GC and MGC trade on CME Globex from 6:00 p.m. US Eastern on Sunday to 5:00 p.m. Friday, with a one-hour break each day from 5:00 to 6:00 p.m. ET. That gives a 23-hour session, five days a week.
The LBMA Gold Price is set twice a day, at 10:30 (AM) and 15:00 (PM) London time. The whole market uses these benchmarks, and price can move more sharply around the auction times.
The most liquidity and movement comes when the London and New York sessions overlap — roughly the New York morning. The Asian session is calmer and ranges more tightly.
Three things are decided before you enter, not after: how much you risk, where the stop-loss sits, and how large the position is. Gold is a volatile asset, and leverage magnifies gains and losses alike.
Before the trade, decide what share of the account you are willing to lose on it — often a small percentage. That number drives everything else.
The stop-loss goes where the trade idea is no longer valid — behind a structural level, not at an arbitrary distance. A stop does not guarantee the fill price.
Risk divided by the stop distance (in ticks) gives the number of contracts. The MGC and MNQ micros let you keep risk small even on a small account.
Funded futures accounts provide trading capital against firm rules: daily and overall loss limits you must stay within. This is exactly where defined risk matters most.
Prop firms typically fund exchange futures — gold (GC, MGC) and Nasdaq-100 (NQ, MNQ). All four use a transparent exchange price and central clearing.
The micros use the same price series as the full-size contracts, just at a smaller size, so the same plan fits inside a small evaluation account's loss limits.
NT8 is the standard for many funded futures accounts. The Gold Copilot AI NinjaTrader 8 indicator draws the daily plan levels straight onto your chart.
Structure alone is not enough — you need a daily plan. Gold Copilot AI provides trade zones, a stop-loss, targets and an invalidation level every trading day, and the indicators bring the same levels onto your own chart.
XAUUSD, gold futures (GC / MGC) and Nasdaq-100 futures (NQ / MNQ) — zones, stop-loss, first target and invalidation in Discord.
The day's zones, tolerance bands and invalidation line on your XAUUSD chart, with a push notification to your phone.
Futures levels and pivots on GC/MGC and NQ/MNQ charts, with confirmation alerts on the M15 close.
The indicators do not trade. They draw the levels and notify you — the trader acts. The indicators are part of the Analysis + indicators plan.
XAUUSD is over-the-counter (OTC) spot gold traded through a broker in lots, with a broker-dependent spread. GC and MGC are standardised exchange futures on COMEX with a fixed contract size and tick. Futures have central clearing and a transparent exchange price; spot is more flexible with a smaller minimum size.
The full-size GC contract represents 100 ounces and one tick ($0.10) is worth $10. The MGC micro is 10 ounces and one tick is worth $1 — exactly one-tenth of GC. The micro uses the same price series, just at a smaller size.
The most liquidity and movement come when the London and New York sessions overlap, roughly the New York morning. Sharper moves also appear around the LBMA auctions (10:30 and 15:00 London time).
Funded futures accounts typically fund GC, MGC, NQ and MNQ contracts. Suitability depends on the prop firm's rules, permitted platforms and your position size. The MGC and MNQ micros help keep risk within a small evaluation account's loss limits.
First decide how much you are willing to risk on the trade. Divide that amount by the stop-loss distance (in ticks and tick value) — the result is the number of contracts or lots. A stop-loss does not guarantee an execution price or a maximum loss.
No. The daily plan and indicators give structure — trade zones, a stop-loss, targets and an invalidation level. The indicators draw the levels and notify you but send no orders. The trade, the position size and the risk are your decision.
Gold Copilot AI delivers a gold and futures plan every trading day — zones, stop-loss, targets and an invalidation level.