61.8% XAUUSD Trading Fib Expansion Level
We use Fibonacci expansion levels to estimate where the gold trend xauusd price movement will reach. There are 2 important Fibonacci expansion areas: 61.8% Fibonacci Expansion Level and 100% Fibonacci Expansion Level - these fibonacci expansion levels are used for setting gold trading taking profit orders.
61.8 Fibonacci Expansion Level
61.8 Fibonacci Expansion Level is the most commonly used gold profit-taking level when trading using the Fibo Expansion Technical Indicator.
To draw Fibonacci Expansion levels on the xauusd chart we wait until the xauusd price retracement is complete & the price starts to move in original direction of the Gold trend. Where the xauusd price retracement reaches is used as chart point 3. Fibonacci Expansion Gold Indicator is plotted using three chart points as shown on the xauusd trading example illustrated & explained below of how to plot the Fibonacci Expansion Areas Technical Indicator Tool.
The Fibonacci expansion example illustrated and explained below shows the 3 XAUUSD Chart Points where the Fibonacci expansion indicator is drawn - marked as XAUUSD Chart point 1, XAUUSD Chart point 2 and XAUUSD Chart point 3.
XAUUSD Chart point 1 is where the gold trend started, XAUUSD Chart point 2 is where the price pulled back and retraced - XAUUSD Chart point 3 is where the price retracement reached as shown on the Fibonacci Expansion Areas Technical Indicator Tool examples illustrated and described below.
The First Fibo Expansion Level is the 61.8 Fibonacci Expansion Level shown on the Fibonacci Expansion Indicator example Below Used to Set Take Profit Gold Orders
How Do You Interpret 61.8% Fibonacci Expansion Level
Please note where these Fibonacci Expansion zones are plotted on the gold chart - Fibo Expansion zones are drawn above the Fib Expansion Indicator - these are the chart points where a trader will place the gold take-profit orders using these Fibonacci Expansion Levels - 61.8% Fibonacci Expansion Levels.
Interpret 61.8% Fibonacci Expansion Level
