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    XAU/USD: Fibonacci analysis on 27.01.2016

    A downward correction can continue.

    On the 4-hour chart, the price reached the level of 1122.72 and started the downward correction that could continue to the level of 1109.60 (23.6% Fibonacci correction, near its crossover with the 23.6% arc and 38.2% fan line), and possibly to 1102.50 (strong level where 38.2% corrections for the short-term and medium-term trends overlap).

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