61.8% Fibonacci Expansion Level

We useFibonacci expansion levels to estimate where the gold trend movement will reach. There are 2 important Fibonacci expansion levels; 61.8% and 100% Fibonacci Expansion Levels, these are used for taking profit.

61.8% Fibonacci Expansion Level

61.8 Gold Trading Fib Expansion Level is the most commonly used gold profit taking level when trading using the Fibonacci Expansion Indicator.

To draw Fibonacci Expansion levels on the gold chart we wait until the xauusd price retracement is complete and the xauusd price starts to move in the original direction of the Gold trend. Where the xauusd price retracement reaches is used as chart point 3. Fibonacci Expansion Indicator is drawn using three chart points as shown on the xauusd trading example illustrated and explained below of how to draw the Fibonacci Expansion Indicator Tool.

The Fibonacci expansion example illustrated and explained below shows the 3 Chart Points where the Fibonacci expansion indicator is drawn, marked as Chart point 1, Chart point 2 and Chart point 3.

Chart point 1 is where the gold trend started, Chart point 2 is where the gold trend pulled back and retraced and Chart point 3 is where the gold retracement reached as shown on the Fibonacci Expansion Indicator Tool example illustrated and explained below.

The First Fibonacci Expansion Level is the 61.8 Gold Trading Fib Expansion Level shown Below Used to Set Take Profit Gold Orders

Fibonacci Expansion Level is the 61.8 Gold Trading Fib Expansion Level shown Below Used to Set Take Profit Gold Orders

Please note where these Fibonacci Expansion levels are drawn - Fibonacci Expansion levels are drawn above the Fibonacci indicator, these are the chart points where a gold trader will set the take profit orders using these Fibonacci Expansion Levels - 61.8% Fibonacci Expansion Levels.