How to Draw Gold Trading Fibo Retracement on a Upwards Gold Trend
How Do I Use Fibonacci Retracement Technical Indicator on Upward XAUUSD Trend?
Traders use Gold Trading Fib retracement tool to determine where to set a buy gold trade in upwards trend.
How to Draw XAUUSD Trading Fibo Retracement on a Upwards XAUUSD Trend
To Draw the Gold Fibo retracement tool the first thing to know is that this Fibonacci Retracement tool is always drawn in direction of the trend.
If the gold trend is downward - Fibonacci Retracement indicator is drawn downwards.
How to Draw XAUUSD Trading Fib Retracement in an Upwards XAUUSD Trend
In the xauusd trading analysis example illustrated and explained below of how to draw Gold Fib Retracement indicator 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 heading up in the original gold upward trend. Note that this Gold Fibo Retracement indicator is drawn from chart point 1 to chart point 2 in direction of the trend (Upwards Direction).
How to Draw Gold Trading Fibo Retracement on a Upwards 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 Gold Trading Fib retracement level provided a lot of support for the xauusd price, and afterwards the xauusd trading price then resumed the original up gold trend & continued to move upward.
For this Fib retracement technical analysis examples 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 & 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.
Guide of How to Draw Fibonacci Indicator on Gold Charts
Guide of How to Draw Fibonacci Indicator on Gold Charts
