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LME aluminum could return to $2,065 a tonne
Gold futures net (http://futures.cngold.org/) for August 30, futures update: the LME aluminium may return to $2065 a tonne, for since August 24 high correction is not over.
On Wednesday, the London metal exchange could return to its August 25 low of $2,065 a tonne, as a correction to its August 24 high of $2,122.50 has not ended.
This round contains three waves, so far only two waves have been completed. The third wave is heading for $2,065. From the daily chart, the price of aluminum failed to break through an important resistance level of $2,119, from a high of $2,803 on May 3, 2011 to a 50% Fibonacci retracement of $1,435 on November 20, 2015..
The failure to attack the resistance has triggered a correction of $1,958. The resistance, currently at $2,103, could go up to $2, 125 if it goes up, which is the 261.8 percent Fibonacci forecast that began on July 12 at $1,881.50.
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