Fibonacci Drawing on XAUUSD Charts Exercises

These exercises will give more examples on trading and drawing Fibonacci retracement levels 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 Fib 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 price chart.

To find Gold trading charts just download MetaTrader 4 Gold trading platform from any one of the many online brokers and select the financial instrument - Gold.

After you have downloaded the MetaTrader 4 platform, 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 explained in the previous lessons of Fib Expansion & Fib Retracement. Then do the following exercises:

Fib Retracement Levels and Fibonacci Expansion Levels Exercise