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XAU/USD: Fibonacci levels analysis on 26.06.2015

Upward movement can reach the levels of 1204.00-1207.00.

The price has broken down the arc 500% for the short-term downtrend and is now trying to reach Fibonacci retracement 23.9% at the level of 1179.88. The key targets of the “bulls” are 1185.10-1185.50. This is the area where the price can intersect with the arc 61.8% for the short-term and medium-term trends. Breakdown of this zone will enable the rise in the pair to 1204.00-1207.00, that is an area  of strong resistance, since there, Fibonacci retracement levels for the both trends (short-term 61.8% and medium-term 23.6%) will coincide. 

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