The price is anticipated to continue lower towards the minimum projected target of $32.16 per ounce. The lower end of the forecast suggests a continuation all the way to $30.99 per ounce is also possible. A reversal of the price back well above the initial breakout near $33.25 would be needed to negate the short-term bearish outlook and raise the possibility of this move acting as a false breakout from the channel.

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