The resistance has been identified as the 61.8 percent Fibonacci retracement on the fall from the Sept. 8 high of $2,118 to the Oct. 2 low of $1,885. The metal's failure to overcome this barrier signals the completion of a rising wedge that developed from $1,885.
The immediate support will be at $2,002, the 50 percent retracement, a break below which will lead to a further loss to $1,974, the 38.2 percent level.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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