The metal has almost dropped below the rising channel that it has been climbing up since Jan. 5. A duplicated channel points to a target at $2,068, the 76.4 percent Fibonacci retracement on the rise from $2,027.75 to $2,197.

The drop towards the target has been temporarily interrupted by a weak support at $2,112, the 50 percent retracement.

The support is expected to be broken soon as the metal could have completed a rebound from the December 2011 low of $1,955.75 and is steady on a short-term downtrend.

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