The rebound from the Monday low of $1,534.49 is labeled as a wave "4", which has ended around $1,674, the 50 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49.

The metal is now riding on a downward wave "5", progressing towards the wave "3" trough at $1,534.49, while a more realistic target will be $1,584.39 over the next 24 hours.

A rise above $1,653 will temporarily violate the bearish outlook, but only a surge above $1,674 could confirm a further rebound to $1,720.

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