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    XAU/USD: Fibonacci analysis on 20.01.2016

    A growth can continue.

    On the 4-hour chart, the price is testing the level of 1095.00 (61.8% correction), near its crossover with the 61.8% arc. Its breakout would allow the growth to continue towards 1102.00 (38.2% correction for the medium-term trend) and 1108.80. However, if the price cannot overcome the level of 1095.00 the pair is likely to fall along the 61.8% arc towards 1090.80 (50% correction), 1086.60 (38.2% correction) and 1081.30 (23.6% correction).

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