The metal is riding on a wave c, the third wave of a three-wave cycle that developed from the April 24 low of $1,268.24.
This wave has been disrupted by the resistance at $1,309, a 61.8 percent Fibonacci projection level.
The resistance has been strengthened by another similar one exerted by the trendline falling from the April 14 high of $1,330.90.
A break above the resistance will lead to a further gain to $1,316, the 76.4 percent projection level.
The views expressed are his own.
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