The five waves have made up a bigger wave (3), which will be partially reversed by a downward wave (4).

A Fibonacci retracement on the rise from $2,165 to $2,288.50 indicates the metal will drop to the range formed by the 23.6 percent and the 38.2 percent retracements.

Resistance is at $2,288.50, a break above which will confirm the progress of a wave (5) towards $2,310, the Jan. 31 high.

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