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XAU/USD: technical analysis on 02.03.2015

The gold tested again a local low at about 1190.00 last week. The support level proved to be powerful enough and did not allow the XAU/USD below.   The correction that started right afterwards will probably turn into a trend reversal. The closest resistance level is located at 1220.00 and coincides with 23.6% Fibonacci level. Bulls are trying to break through and approach the next key target at 1235.00.  

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