61.8% XAUUSD Trading Fib Expansion Level

We use Fibonacci expansion levels to estimate where the xauusd trend gold price movement will reach. There are 2 important Fibonacci expansion levels: 61.8% Fibonacci Expansion Level and 100% Fibonacci Expansion Level - these fibonacci expansion levels are used for setting xauusd taking profit orders.

61.8 Fibonacci Expansion Level

61.8 Fibonacci Expansion Level is the most commonly used xauusd profit-taking level when trading using the Fibonacci Expansion Technical Indicator.

To draw Fibonacci Expansion levels on the xauusd chart we wait until the gold price retracement is complete & the price starts to move in original direction of the XAUUSD trend. Where the gold price retracement reaches is used as chart point 3. Fibonacci Expansion XAUUSD Indicator is drawn using three chart points as shown on the xauusd examples displayed below of how to draw the Fibonacci Expansion Levels Gold Indicator Tool.

The Fibo expansion example illustrated & shown below shows the 3 XAUUSD Chart Points where the Fibonacci expansion indicator is drawn - marked as XAUUSD Chart point 1, XAUUSD Chart point 2 and XAUUSD Chart point 3.

XAUUSD Chart point 1 is where the xauusd trend started, XAUUSD Chart point 2 is where the price pulled back and retraced - XAUUSD Chart point 3 is where the price retracement reached as shown on the Fibonacci Expansion Levels Gold Indicator Tool example shown below.

The First Fibo Expansion Level is the 61.8 Fibonacci Expansion Level shown on the Fibonacci Expansion indicator example Below Used to Set Take Profit XAUUSD Orders

How to Read 61.8% Fibonacci Expansion Level

Please note where these Fibonacci Expansion zones are drawn on the gold chart - Fibo Expansion zones are drawn above the Fib Expansion indicator - these are the chart points where a trader will place the xauusd take-profit orders using these Fibonacci Expansion Levels - 61.8% Fibonacci Expansion Levels.

Interpret 61.8% Fibonacci Expansion Level?