The metal is riding on a downward wave "c" , progressing towards $1,619, a 161.8 percent Fibonacci projection level, which forms the low of the target range. While a Fibonacci retracement on the rise from $1,534.49 to $1,802.60 reveals a target at $1,637, the 61.8 percent level, which forms the high of the range. The chance for a good rebound from the current level is very remote, as the metal faces a strong resistance zone of $1,681.70-$1,687, formed by an hourly chart low hit on Nov. 1 and the 161.8 percent Fibonacci projection level of the wave "c". 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.