Fib Drawing on XAUUSD Charts Exercises

These exercises will give more examples on trading and drawing Fibonacci retracements and Fibonacci expansion levels. The first exercise is to figure out the direction of the XAUUSD price trend & then determine if the Fib tool used is Fibonacci retracement or Fibonacci expansion and then figure how it's drawn then practice drawing them on a Gold trading chart using a practice demo trade account.

Tasks:

Figure out the direction of the XAUUSD price trend

Determine if the Fibonacci is retracement or extension

Figure how it's drawn

Practice drawing retracement or expansion on a XAUUSD Gold price chart.

To find Gold trading charts just download MT4 Gold platform from any one of the many online brokers and select the financial instrument - Gold.

After you have downloaded the MT4 platform software, Go to the menu "insert" at the left top corner, on the drop down menu, click Fibonacci and choose either the option of retracement or extension. Then draw it as presented in the previous lessons of Fibonacci Expansion & Fib Retracement. Then do the following exercises:

Fib Retracement Levels & Fibonacci Expansion Levels Exercise