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    XAU/USD: Fibonacci analysis on 17.02.2016

    A decline is likely to continue.

    On the 4-hour chart, the price is testing the level of 1210.80 (23.6% correction); the ascending 38.2% fan line is an additional resistance for the price. If this resistance area is overcome, a growth would continue to 1224.90 and 1249.25. However, a likelier scenario is a price rebound and a decline to 1187.00 (38.2% correction), near a crossover with the 50.0% fan line, and 1168.00 (overlap of the 50.0% correction for the short-term trend and the 38.2% correction for the medium-term trend).


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