Practical Gold Market Analysis: How to Use Fibonacci Extension Lines:
Yesterday, a student asked how high gold prices might rise and how to use Fibonacci extension lines. Today, the teacher shares how to use this indicator.
When the price surpasses historical highs and there are no previous price points as reference, the future trend becomes uncertain.
You can use technical indicators, such as Fibonacci extension lines, to predict future price trends.
Indicators only serve as a prediction of target prices and are not absolute; they help identify the potential price trend.
After identifying a trend wave, you can draw from the start point 2393 (A) to the end point 2393 (B), and the pullback point 2354 (C).
Using the Fibonacci extension lines, plot from (A)→(B)→(C) to identify the 1.272 (2481) and 1.618 (2515) levels.
The first key target price is 2481; in an upward trend, 2515 is likely to be the second key target price.
The method above explains how to use Fibonacci extension lines to predict prices ahead of time, allowing for better planning and increased chances of profit.
