How to Draw Gold Trading Fib Retracement on a Upward Gold Trend
How Do I Use Fibonacci Retracement Indicator on Upward XAUUSD Trend?
Traders use Gold Trading Fib retracement tool to determine where to place a buy gold trade in a upward trend.
How to Draw XAUUSD Trading Fib Retracement on a Upward XAUUSD Trend
To Draw the Gold Trading Fib retracement tool the first thing to know is that this Fibonacci Retracement indicator tool is always drawn in the direction of the trend.
If the gold trend is downwards - Fibonacci Retracement indicator is drawn downwards.
How to Draw XAUUSD Trading Fib Retracement in an Upward XAUUSD Trend
In the xauusd trading analysis example illustrated and explained below of how to draw Gold Trading Fib 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% Gold Trading Fib retracement level then it continues moving up in the original gold upward trend. Note that this Gold Trading Fib Retracement indicator tool is drawn from chart point 1 to chart point 2 in the direction of the trend (Upwards Direction).
How to Draw Gold Trading Fib Retracement on a Upward Gold Trend
Technical Analysis of How to Draw Gold Trading Fibonacci Retracement in an Up Gold Trend
Once the xauusd trading price got to the 50.0% Gold Trading Fib retracement level, this Gold Trading Fib retracement level provided a lot of support for the xauusd trading price, and afterwards the xauusd trading price then resumed the original up gold trend and continued to move up.
For this Fibonacci retracement technical analysis example of how to draw Gold Trading Fib Retracement indicator on an upward gold trend, the xauusd trading price retracement reached the 50.0% Gold Trading Fib retracement level, but most of the time the xauusd market will retrace up to 38.2% Gold Trading Fib retracement level and therefore most of the time gold traders set their buy limit orders at the 38.2% Gold Trading Fib retracement level, while at the same time placing a stop loss order just below 61.8% Gold Trading Fib retracement level.
Tutorial of How to Draw Fibonacci Technical Indicator on Gold Charts
Tutorial of How to Draw Fibonacci Technical Indicator on Gold Charts
