A five-wave cycle has been completed on the fall from the Sept. 8 high of $9,160 to $6,636, and a Fibonacci retracement analysis of this decline shows the metal has cleared a resistance at $7,232, the 23.6 percent Fibonacci retracement, while the next immediate target will be the 38.2 percent level.

A support is at $7,414, which will be strong enough to hold up any retracement from the current level.