The support is provided by the 38.2pc projection level of a downward wave C from $1,951.
The metal may bounce to $1,837 or at least hover above the support for a few days.
A fall below the May 23 low of $1,765.50 could confirm a break below $1,767 and a bearish target at $1,710 will be established then.
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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.
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