The resistance is identified as the 23.6 percent retracement of the downtrend from $7,348 to $5,773. The metal has been bouncing up and down within a channel which defines a support at $6,003 and a resistance at $6,215, the 38.2 percent projection level of a presumed wave C from $5,977.50.
The current bounce may end around $6,215, a break above which could confirm the extension of the wave C towards the range of $6,361-$6,598. A break below $6,068 could cause a loss into the zone of $5,883-$6,003.
* The above analysis is based on delayed data, prediction may be affected.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.