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XAU/USD: technical analysis on 17.06.2015

On the 4-hour chart, the pair is trading at 1179.88, which is matching 23.6% Fibonacci correction level. Within the downward trend, the price is forming a ‘pennant’. Most likely, the price breaks down of it and continues falling towards 1176.00, 1169.70, and further down towards two weeks low of 1165.00.

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