This week, the price of the pair XAU/USD increased significantly, reaching three-month highs at the level of 1227.09. Demand for gold was caused by poor American macro-economic statistics , in particular by the negative retail sales data for April. At the moment, the price is undergoing correction trying to reach the level of 1213.15 (Fibonacci 23.6%). Breakdown of this level will enable further decline to 1207.70 (middle line of Bollinger bands) and 1205.70 (Fibonacci retracement of 38.2%).
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