100.0% Gold Trading Fib Extension Level
We use Fibonacci extension levels to estimate where the trend movement will reach. There are Two important Fibonacci extension levels: 61.8% Fibonacci Extension Level and 100.0% Fibonacci Extension Level, these gold fibonacci extension levels are used for setting gold trading taking profit orders.
100.0 Fibonacci Extension Level
100.0 Fibonacci Extension Level is not commonly used to set gold profit taking orders when gold trading using the Fibo Extension Technical Indicator.
Most gold traders will use the 61.8% Fibonacci Extension level.
To draw Fibonacci Extension levels indicator on the xauusd chart we wait until the xauusd price retracement is complete & the price starts to move in original direction of the trend. Where the xauusd price retracement reaches is used as chart point 3. Fibonacci Extension Indicator is plotted using 3 chart points as illustrated on the Fibonacci Extension indicator example illustrated and explained below of how to plot the Fibonacci Extension Levels Indicator.
The Fibonacci extension indicator example shown below the 3 XAUUSD Chart Points where the Fibonacci extension indicator is drawn - marked as XAUUSD Chart point 1, XAUUSD Chart point 2 & XAUUSD Chart point 3.
XAUUSD Chart point 1 is where the gold trend started, XAUUSD Chart point 2 is where the price pulled back & retraced & XAUUSD Chart point 3 is where the gold retracement reached as displayed on the Fibonacci Extension Areas Indicator example shown below.
The First Fibonacci Extension Level is the 61.8% Fibonacci Extension Level and the second is 100.0 Fibonacci Extension Level shown on the Fibonacci Extension indicator Below - These Fibonacci Extension Levels are Used by Gold Traders to Set Take Profit Gold Orders
How Do You Interpret 100.0% Fibonacci Extension Level
Please note where these Fibonacci Extension areas are drawn on the xauusd chart - Fibonacci Extension zones are drawn above the Fibo Extension technical indicator, these are chart points where a trader will place gold take-profit orders using these Fibonacci Extension Levels - 100.0% Fibonacci Extension Level is the second Fibonacci Level.
Interpret 100.00% Fibonacci Extension Level
