The metal is riding on a wave c, the third wave of a small three-wave cycle from the Jan. 2 low of $1,786. This cycle is a part of a bigger wave C from $2,267. The wave C was disrupted by the support at $1,824, its 61.8 percent projection level.
This support triggered a bounce towards $1,909. A break below $1,824 could confirm the extension of the wave C towards $1,720.
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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.