The short-term downtrend that started at the July 27 high of $2,675.25 has developed five waves, with the final wave "5" likely to complete around $2,363.25, a low touched on Aug. 9.
The focus now is whether the metal would be able to surge above $2,394, a pivotal level in confirming the start of a strong rebound.
A fall below $2,363 will extend to $2,330.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Copyright Reuters, 2011