A five-wave cycle has been completed on the rebound that started from the Dec. 29, 2011 low of $1,521.94 per ounce. It peaked around a strong resistance at $1,662, the 50 percent Fibonacci retracement on the fall from $1,802.60 to $1,521.94.

The subsequent retracement is expected to reach the trough of wave "4", which is about $1,600.

A resistance is at $1,650, a break above which will neutralize the signals.

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