How to Draw XAU/USD Fibonacci Retracement Levels on MT4 Platform Software

To calculate these price pullbacks on the Gold price chart e.g. the MT4 software platform we use Fib retracements tool/indicator like is shown & displayed on the screen shot below.

If you want to analyze some Gold price charts using this tool, it is already provided for in the MT4 software, the following procedure is used to add this tool on the MT4 Platform Software. On The MT4 this Fibonacci retracement tool will automatically draw the retracement levels on a price chart once this technical indicator is placed on the Gold price chart.

To add this tool on the MT4 software, you can use the following short-cut method:

• Click Insert
• Click Fib
• Press Retracement

After adding this Fib retracements tool on the MT4 software this technical indicator can then be accessed from "MT4 Line Studies Tool Bar" just as is shown below.

This Fibonacci retracement indicator is located on MetaTrader 4 ("Line Studies Tool Bar"), to go to this toolbar click "View" at the top left corner of MT4 next to file, then press "ToolBars", Then Check "Line Studies". You can learn how to use Fibonacci retracement indicator on the MT4 using a demo demo account.

Below is an illustration of the Fib retracement tool, we always draw the technical indicator between 2 points, point 1 & point 2, in the direction of the Gold price trend like as illustrated below.

Fib Retracement Levels

How Do I Draw Fibonacci Retracement Levels between Two Points

How to Add Fib Retracement on a Gold Price Chart

To Place this Fib Retracement Levels tool on a price chart, click +oon the button displayed above on the MT4 software. Then select and choose 2 chart points, the first point is where the trend begins and the second point is where the market trend pull back starts.

To adjust this technical indicator just double-click on it and adjust points will appear on the point 1 & 2 - revealed as small squares, click and hold your mouse button to move the points to where you as a trader want them to be placed precisely. You can practice using this Fib Retracement Levels tool by using a practice Gold demo account.

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