XAUUSD Fib Analysis

13 lug 2020

Gold is a very volatile pair that fibs helped me to slow down and trade long term. You can see an inverted M pattern form at the bottom of this chart. Gold is also in an over all uptrend. Additionally, once it crossed over my 50 moving average I entered the trade on a buy. When seeing a closed bullish candle above the MA 50 line that is an additional confirmation of a buy. I caught the retracement at a perfect entry level as well. All great indicators to enter the trade.