61.8% Gold Trading Fibonacci Expansion Level

We use Fibonacci extension levels to estimate where the trend price movement will reach to. There are two important Fibonacci extension levels: 61.8% Fibonacci Extension Level and 100 % Fib Extension Level - these fibonacci extension levels are used for setting gold taking profit orders.

61.8% Gold Trading Fibo Expansion Level

61.8 Fibonacci Extension Level is the most commonly used gold taking profit level when trading using the Fib Extension Technical Indicator.

To draw Fib Extension levels on the trading chart we wait until the price retracement is complete & price starts to head in original direction of trend. Where the price pull-back gets-to is used as point 3. Fibonacci Expansion Technical Indicator is drawn using three chart points as the example shown below of how to draw the Fibonacci Extension Levels Indicator.

The Fibonacci extension example illustrated and explained below portrays the 3 Points where the Fibonacci expansion technical indicator is drawn - marked as Chart point 1, XAUUSD Chart point 2 and Point 3.

XAUUSD Point 1 is where trend started, XAUUSD Chart point 2 is where the price pulled back & retraced - XAUUSD Chart point 3 is where the price retracement reached as illustrated on the Fibonacci Extension Levels Indicator example shown below.

The First Fib Extension Level is the 61.8 Fibonacci Extension Level cited on the Fibonacci Extension indicator example Below Used to Set Take Profit Orders

How to Analyze 61.8% Fibonacci Extension Level - How to Read 61.8% Fibonacci Extension Level

How Do I Read 61.8% Fib Extension Level

Please note where these Fibonacci Extension levels are drawn on the chart - Fib Expansion levels are drawn above the Fibo Extension indicator - these are the chart areas where a trader will place the take-profits using these Fibo Extension Levels - 61.8% Fibonacci Extension Levels.

Interpret 61.8% Fib Extension Level

Get More Topics and Courses:

Trade Gold Trading

61.8% Gold Trading Fibonacci Expansion Level

61.8% Gold Trading Fibo Expansion Level