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    XAU/USD: Fibonacci analysis on 23.02.2016

    A price reverse and a fall are possible.

    On the 4-hour chart, the price is testing the level of 1217.00 (23.6% correction), a breakout of which could lead to a growth towards 1236.40, and possibly 1249.25, near its crossover with the ascending 50% fan line. In case of the price reverse and a breakdown of the 61.8% fan line and the level of 1196.50 (38.2% correction), the fall can continue towards 1180.50 (50% correction) and 1164.00 (61.8% correction). 

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