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The support and the resistance are identified respectively as the 38.2 percent and the 61.8 percent retracements on the downtrend from $2,290.50 to $2,112.50.
The bounce from $2,112.50 consists of three waves.
The third wave labelled c is driving the metal towards $2,230, the 100 percent projection level.
A falling channel suggests a higher target around 2,249.
A break below $2,181 may cause a loss to $2,155.
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