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The metal is riding on a wave C from $1,951. This wave was disrupted by a support at $1,767, its 38.2% projection level. Based on a flag pattern, the wave C could travel to $1,470.
However, it is not very clear if the metal would bounce towards $1,837 first before falling again. A break above $1,837 could lead to a gain into the range of $1,881-$1,951, while a break below $1,767 will confirm the continuation of the downtrend towards $1,710.
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