The support is provided by the 7 percent retracement of the downtrend from $2,718 to $1,786. This retracement analysis also reveals a resistance at $1,922, the 14.6 percent level.
The metal failed a few times to break $1,922. The failures suggest an extension of the correction from the Feb. 5 high of $1,935.50. The correction may consist of three waves. So far only two have unfolded. The third wave labeled c could travel to $1,851.
A break above $1,922 could open the way towards $2,006.
* The analysis is published once a week on Monday.
** Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
*** 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. **