The range is formed by 50 percent and the 38.2 projection levels of a wave C from $2,059. A break above $1,950.50 could open the way towards $2,000.
The metal has been consolidating around $1,934 for more than a week, reluctant to fall through this level. This behaviour makes a further bounce likely.
However, wave pattern sends a conflicting signal. The wave C looks incomplete. It may eventually travel into a zone of $1,809.50-$1,868. Signals will become clearer when the metal leaves the range.
The 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.