Best time to trade XAUUSD in Nigeria
Nigerian traders should be on seat between the hours of 2PM to 6 PM when both London & New York is awake and their trading paths intersect or overlap. You will tend to get lower XAU/USD spreads when you trade during this time in Nigeria.
Also note that economic data release such as NFP & CPI can also affect XAU/USD as seen in the screenshot I attached which shows XAUUSD reaction to CPI release.
Gold becomes more active when London and New York session overlap because these are the sessions with the most volume.
Why?
1. Big institutions trade Gold heavily and these institutions are always active during this overlap session.
2. News release from the US impacts Gold prices.
Gold is always slow during the Asian session which takes place 12am to 7am daily.
Gold is traded globally so if you are trading a pair like XAU/AUD then you best trade it during the Asian session. If you are trading XAU/USD you best trade during New York etc.