Gold Price $1266…Just A Short Rest Stop

GOLD

Short-Term Update:

Within wave .iii. we are now working on our first impulsive sequence, as shown on our “Daily Gold Chart”. Within that first impulsive sequence we believe that we are working on a subdividing wave $iii$.

Within wave $iii$, wave !i! ended at the 1246.00 high and all of wave !ii! at 1196.60. We are now rallying in wave !iii!, which has an initial target of:
 
!iii!=1.618!i!=1296.40.
 
Within wave !iii! it looks like we are subdividing again as shown on the Daily Gold Chart. We are now rallying in wave ?iii? of !iii!. Our initial projections for the end of wave ?iii? are:
 
?iii?= 1.618?i? = 1266.00; (The price is near there now)
?iii? = 2.618?i? = 1300.30.
 
On the Intraday Chart within wave ?iii? we can see an incomplete impulsive type structure.

A trade above 1256.30, which has occurred, would complete the minimum requirements for a completed wave ?iii? rally.

We do have an initial projection for the end of wave ?iii? at the 1266.00, and a second one at 1300.30. Once wave ?iii? ends we expected a small correction in wave ?iv? as shown on the chart.
 
The USDX looks to be breaking down now in the initial phases of its wave (iii) drop, which should send gold and silver sharply higher. 
 
Longer term our first projection for the end of wave .iii. is:
 
.iii. = 1.618.i. = 1447.20!
 
We do have higher projections. Of course, wave .iii. will subdivide into a 5 wave impulsive sequence in its journey higher.  
 
Trading Recommendation: Long gold. Use puts as stops.
 
Active Positions: We are long, with puts as stops!

Silver

Short-Term Update:

We are now working on the assumption that all of wave ii ended at the 13.86 low and that we are now starting to work higher in the initial stages of wave .iii.

We should expect to see a very big up day in silver in the very near future to confirm this assumption.

We have now broken and closed above our red downtrend line that is shown on the “Daily Silver Chart” that connects 17.35 and 14.92. Silver should move higher now with our next resistance level being the 14.90/14.95 level, as shown on our chart.
 
Our first projection for the end of wave iii is:
 
iii = 1.618i = 26.09.  
 
Trading Recommendation: Long silver. Use a put as a stop.
 
Active Positions: We are long, with puts as stops!

GDX & Gold Stocks 

GDX Daily Chart:  



Short-Term Update:

We see higher prices ahead. Unfortunately, we need to clear major resistance at the $21 area for this market to accelerate higher. The good news is we expect this will occur sooner than most analysts think it will.
 
We believe all of wave ^i^ ended at the 19.92 high and all of wave ^ii^ at the 18.72 low.

If that is the case then we should now be generally moving higher in wave ^iii^, as the next big event in this market.
 
We are now working on the assumption that all of wave -ii- is complete at the 18.26 low and that we are now rallying in wave -iii-.
 
Our first projection for the end of wave -iii- is:
 
-iii- = 1.618-i- = 23.49.
 
Longer term our first projection for the end of wave 3 is:
 
3 = 1.618(1) = 48.95.
 
We have the following counts:
 
Kinross: Has now completed its minimum requirements for a completed wave (ii), at the 2.38 low. Wave  (iii) rally is now underway.
 
Barrick:  We have completed the minimum requirements for a completed wave (ii) at the 9.53 low. Wave (iii) rally is now underway.
 
HUI: We have completed the minimum requirements for a completed wave (ii), at the 131.12 low. Wave (iii) rally is now underway.
 
XAU: We have completed the minimum requirements for a completed wave 2 at the 60.59 low. Wave 3 rally is now underway.
 
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 Website Readers: Please send me an Email to [email protected] and I’ll send you our key “Oil Price & Stock Market Meltdowns!” report, with key wave counts for both the short term and the long term! We discuss tactical approaches to make money on the play!

captainewave & Crew!
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