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XAU/USD: analysis and forecast on 08.05.2015

Throughout this week, the price of gold has grown and finally reached the level of  1200.00. The “bulls” tried to consolidate above this level and win back positions lost during the previous week; however, strong resistance level prevented these attempts.  The level of  1190.00, which coincides with Fibonacci retracement of 23.6%, had prevented the decline in price for some time, but eventually this level was broken down. Yesterday, the pair XAU/USD traded at the level of 1190.00-1180.00.

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