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