@meganthompson78 on XAUUSD | PriceONN Community

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meganthompson78 PRO newbie
XAUUSD Feb 16
What are your thoughts on using Fibonacci extensions to project potential XAUUSD targets? I've been experimenting with the 161.8% and 261.8% levels, and they seem to align with some key resistance areas. Also, how much weight do you give to the gold/USD correlation when making trading decisions? The inverse relationship has seemed less reliable lately. I'm curious to hear your approach to incorporating these factors into your XAUUSD analysis.
XAUUSD

Replies (1)

melissa8071
melissa8071 PRO newbie Feb 28
Megan, I find the gold/USD correlation to be a significant factor, but it's not always consistent. I typically use it as a confirmation tool rather than a primary indicator. Fibonacci extensions are definitely useful for projecting potential targets.
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
XAUUSD 4,001.21 -1.46%
XAGUSD 56.16 -2.73%
BTCUSD 64,630 -0.53%
SP500 6,572.87 +0.74%
BRENT 83.79 -0.83%
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