Gold’s weekly chart says to add to those positions now for longer-term gains. Here are the projections for silver as well…
Gold & Silver: Key Wave Counts
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Short Term Update
We continue to work on our wave *iv* correction, although it could be complete at the 1465.00 low.
Our retracement levels for all of wave *iv* are:
23.6% = 1495.70;
38.2% = 1451.30
We appear to have a clear 3 wave pattern within wave *iv*, as shown on our daily gold chart with the following projection for wave $c$ of that pattern:
$c$ = $a$ = 1469.00.
Our current low for wave $c$ is 1465.00.
We are now well within our wave *iv* retracement zone, so we need to be on guard for the end of wave *iv* and that start of our wave *v* rally.
Wave *iv* could still become more complex and even a bullish triangle.
A break of our red downtrend line that this is shown on the daily gold chart would be a good sign for the bulls.
Wave *v* and all of wave .iii. have an initial target of 1704.40.
Longer term, our first and second projections for the end of wave -iii-, as shown on the Weekly Gold Chart, are:
Trading Recommendation: Go long gold. Use puts as stops.
We added to our long positions last week.
Active Positions: Long with puts as stops!
Short Term Update:
It now looks like wave .iii. is extending, with wave ^i^ of .iii. ending at the 19.75. We are now falling in wave ^ii^ as shown on the daily silver hart, although it could now be complete at the 16.94 low.
Our retracement levels for wave ^ii^ are:
50% = 17.01;
61.8% = 16.36.
We have now entered the top range of our retracement level with the current low of 16.94, so we need to be guard for end of the wave ^ii^ and the start of a very sharp rally in wave ^iii^.
We have another projection as follows:
$c$ = $a$ = 16.50.
We will provide our initial projection for the end of wave ^iii^ when we are sure that all of wave ^ii^ is complete.
Our first projection for the end of wave .v. and all of wave iii is:
iii = 1.618i = 26.09.
Trading Recommendation: Long silver. Use a put as a stop.
We have added to our long positions.
Free Offer For Gold-Eagle Readers: Please send me an Email to [email protected] and I’ll send you our latest Wave Counts Tactics report! We analyse the wave counts for GDX and key individual miners!
Captain Ewave & Crew
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