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Precious Metals: Key Weekly Charts

email: admin@captainewave.com
website: www.captainewave.com

Jan 8, 2020


Long Term Update:

Gold was sharply higher again this week!

We reached 1556.10, closed the week at 1555.20.                            

We have revised the end of wave *iii* to be 1566.00.

We also modified the internal wave structure of wave *iv*, which ended at the 1446.00 low.

On our daily chart we have added our current internal count for wave *v* and believe that we are now rallying in wave !iii! of $iii$ of *v*.

We had an initial target for the end of wave !iii! at: 1570.50, and gold has already ripped through that!

Our first target for the end of wave $iii$ of *v* is 1590.10, but higher targets are possible.

Our first projection for the end of wave *v* and .iii. is:

.iii. = 1.618.i. = 1704.40.                                                

Active Positions: We are long (with almost no interruption since $1080!), with puts as stops!


Long Term Update:

Silver was also decently higher this past week, reaching 18.32 and closing at 18.10!                                                              

Within wave .iii. we are now rallying in wave ^iii^, which has an initial target of:

^iii^ = 1.618^i^ = 25.44      

We expect that wave ^iii^ will consist of a five wave impulsive sequence of which we are now working on wave $i$. This week we reached our first target of 18.35, with our 18.32 high, so we should be getting close to the end of wave $i$.

It may be possible that wave $i$ will extend and in that case we should challenge the 18.80/18.85 level.

Upon completion of wave $i$, we expect a wave $ii$ correction, that should retrace between 50 to 61.8% of the entire wave $i$ rally.  

Longer term our first projection for the end of wave iii is:

iii = 1.618i = 26.09.  

In the very long term we completed all of wave III at 49.00 in 1980 and all of wave IV at 3.55 in 1993. We are now working on wave V and within wave V we have the following count;

1 = 49.82;

2 = 13.67. Note that wave 2 retraced 78.6% of the entire wave 1 rally.

3 rally has now begun.

Active Positions: Long with puts as stops!

GDX & Gold Stocks:

It looks like wave (iv) or -iv- is now still underway.

Our wave $c$ ending diagonal triangle is extending, as shown on the chart.

We should be heading lower back to at least the wave ^iii^ of $c$ low of 25.98, before all of this pattern ends.  

With our current gold count it is possible that wave (iii) in the GDX is still underway, as shown on the 60 Min GDX Chart.

In this case our target for the end of wave (iii) is:

(iii) = 2.618(i) = 36.42

Longer term, our first projection for the end of wave 3 is:

3 = 1.618(1) = 48.95!

Our current thinking on the HUI and XAU:

HUI: We completed wave (ii), at the 131.12 low, and are now rallying in wave (iii). Within wave (iii), wave i ended at 180.22 and wave ii at 146.51 and we are now rallying in wave iii, which has the following projections:

iii = 1.618i = 225.92;

iii = 2.618i = 275.05.

XAU: We completed wave (ii) at the 60.59 low, and are now rallying in wave (iii). Within wave (iii), completed wave -i- at 80.76 and wave -ii- at 65.85 and are now rallying in wave -iii-, which has the following projections:

-iii- = 1.618-i- = 98.49;

-iii- = 2.618-i- = 118.66.

Trading Recommendation: We continue to suggest buying all of the above gold stocks and indices, for a long-term hold.

Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD with no stops!! 

Free Offer For 321Gold Readers: Please send me an Email to admin@captainewave.com and I’ll send you our updated wave counts for Newmont and Barrick, along with some exciting trade alerts!



Jan 8, 2020
captainewave & Crew!
email: admin@captainewave.com
website: www.captainewave.com

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