The rise from $1,534.49 is labeled as a wave "4", which will end around $1,641, the 38.2 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49.

A downward wave "5" will eventually drive the metal to or below $1,534.49.

A rise above 1,641 will extend to $1,674, the 50 percent Fibonacci retracement level.

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