One of the world's first currencies and a government-issued currency standard for hundreds of years, metals are still extremely popular trading tools. Precious metals like gold, silver, platinum, palladium or even commodity metals like copper have numerous ways for usage, from electronics to jewelry.

The traders can use both long and short-term price charts to monitor the price movements of gold or silver or other metals and then place a trade based on how they predict the price movements. Traders choose to hold a long or short position according to their strategy.

Unlike currency pairs, gold and silver are generally more stable during volatile times. These assets are typically viewed as a 'hedging' against inflation, meaning that whatever the current state of the financial market, there are still opportunities to potentially profit from them.