How to Draw XAUUSD Trading Fib Retracement
How Do I Use Fibonacci Retracement Indicator?
The gold trading Fib retracement levels are explained below: gold traders use this Fibonacci Retracement Levels indicator to determine where to open a trade.
Traders use Gold Trading Fib retracement tool to determine where to set a buy gold trade in a upwards trend and where to place a sell gold trade in a downward xauusd trend.
How to Draw XAUUSD Trading Fib Retracement
To Draw the Gold Fibo retracement indicator the first thing to know is that this Fibonacci Retracement tool is always drawn in direction of the trend.
If the gold trend is upward the Fibonacci Retracement indicator is drawn upwards.
If the gold trend is downward Fibonacci Retracement indicator is drawn downwards.
How to Draw Gold Fibo Retracement - How to Draw Fibonacci Retracement
How to Draw Gold Fibo Retracement - How to Draw Fibonacci Retracement
How to Draw Fib Indicator on Gold Charts
How to Draw Fib Indicator on Gold Charts
How to Draw XAUUSD Trading Fib Retracement in an Upwards XAUUSD Trend
In the technical analysis example illustrated and explained below of how to draw Fibonacci Retracement indicator the xauusd trading price is moving up between chart point 1 and chart point 2 and then after chart point 2 xauusd trading price retraces down to 50.0% Fibonacci retracement level then it continues moving up in the original gold upward trend. Note that this Fibonacci Retracement technical indicator tool is plotted from chart point 1 to chart point 2 in direction of the trend (Upward Gold Trend Direction).
How to Draw Fib XAUUSD Indicator in a Upward Gold Trend
Technical Analysis of How to Draw Gold Fibo Retracement in an Up Gold Trend
Once the xauusd trading price got to the 50.0% Gold Trading Fibonacci retracement level, this Fibonacci retracement level provided a lot of support for the xauusd price, and afterwards the xauusd trading price then resumed the original upward trend & continued to move upward.
For this technical analysis example of how to draw Fibonacci Gold Retracement indicator on an upward gold trend, the xauusd trading price retracement reached the 50.0% Fibonacci retracement level, but most of the time the xauusd market will retrace up to 38.2% Fibonacci retracement level and therefore most of the time gold traders set their buy limit orders at the 38.2% Fibonacci retracement level, while at the same time placing a stop loss order just below 61.8% Fibonacci retracement level.
How to Draw XAUUSD Fibo Retracement in a Downward XAUUSD Trend
In the xauusd trading example illustrated & explained below of how to plot the Fibonacci Retracement tool, the xauusd market trend is moving down between chart point 1 and chart point 2, and then after chart point 2 the xauusd trading price then retraces up to 38.2% Fibonacci retracement level then it continues moving downwards in the original downward trend. Note that this Fibonacci retracement indicator is drawn from chart point 1 to chart point 2 in direction of the Gold Trend (Downward Gold Trend Direction).
How to Draw Fib XAUUSD Indicator in a Downward Gold Trend
Technical Analysis of How to Draw Gold Trading Fib Retracement in a Downward Gold Trend
The above Fibo Retracement technical analysis examples trading setup is a Fibonacci Retracement setup where the price retraces immediately after getting to the 38.2% XAUUSD Chart Fibonacci Retracement Level.
In this Gold Fibo Retracement technical analysis example the retracement of the xauusd trading price reached 38.2% Fibonacci retracement level and did not get to 50.0% Fibonacci retracement level. It's always good for xauusd traders to use 38.2% Fibonacci retracement level because most times the xauusd trading price retracement does not always get to 50.00% Fibo retracement level.
This 38.2% Fibonacci Retracement level provided a lot of resistance for the xauusd trading price retracement, this was the best place for a trader to place a sell limit pending order as the xauusd market trend quickly moved down after retracing to this xauusd price retracement zone.
