@meganthompson78 on XAUUSD | PriceONN Community
M
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.
Replies
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.