The metal is riding on a downward wave "c", progressing towards $7,643, the 100 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at $8,050.

Resistance is at $8,050, a rise above which will signal the resumption of the preceding uptrend that developed from the Oct. 20 low of $6,710, with a target at $8,280.

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