Its failure to drop to the Sept. 26 low of $1,534.49 on Thursday has indicated the rebound will extend into a three-wave cycle, bigger than the preceding "a-b-c" wave cycle.

The metal is not riding on an upward wave "C", unfolding towards the 50 percent Fibonacci retracement on the fall from $1,813.60 to $1,534.49.

Support is at $1,601, a break below which will extend to $1,534.49.

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