Gold:
Daily Gold Chart:
https://captainewave.com/wp-content/uploads/2020/03/ewmar3120gold.png
Short Term Update:
Gold was lower in yesterday's day session and that trend has continued in the overnight session we have reached a low of 1605.60.
We are now rallying in wave *iii*, and within wave *iii*, wave ^i^ ended at the 1699.30, so we are now falling in wave ^ii^, which has the following retracement levels:
50% = 1578.40;
61.8% = 1549.90.
Once wave ^ii^ ends we expect gold to rally sharply again in wave ^iii^ of *iii*.
Our initial projection for the end of all of wave *iii* is:
*iii* = 1.618*i* = 2306.30.
Since we failed to reach our 50% retracement level for all of wave *ii*, and our analysis is based on a failure low we need to be guard for the possibility that wave *ii* could still be underway as a flat or irregular type correction.
In this case this current rally in gold will end soon and this market is going to head back to our retracement levels of:
50% = 1429.40;
61.8% = 1367.50.
Markets are highly volatile at the moment, so we need to report all practical outcomes, although we believe that a drop back to the 1430.00 level is very unlikely under these circumstances.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
Silver:
Daily Silver Chart:
https://captainewave.com/wp-content/uploads/2020/03/ewmar3120si.png
Short Term Update:
Silver was higher in yesterday's day session reaching a high of 14.40. In the overnight session we have moved lower to have reached a low of 14.06.
We likely completed all of wave -i- of (i) of i of 3 at the 14.98 high, so if that is the case we should now be falling in wave -ii-, which has the following retracement levels:
50% = 13.31;
61.8% = 12.92.
We are still short of our 50% retracement level so we still expect further weakness in the market.
We plan to be buyers at the 13.10 level.
Trading Recommendation: Buy at 13.10, with a put as a stop.
Active Positions: Buy at 13.10, with a put as a stop.
Nicht verzagen, den Captain fragen.
Er gibt nicht auf.
Grüße
