The Long Investor - Precious Metals Update - Video -

Happy Monday, everyone. Vojtech here, and today let’s talk about commodities again, because I think it is worth paying attention right now.

Silver did what it needed to do, in my opinion. Right now we are in the golden ratio support. I believe this support is very essential and very strong, and if we are to reverse in the near future, I believe it will be from this place. Anything between [$47 and $54?], I think there is a high chance that we reverse. If not, of course, the 200-week moving average is asking to be retested, along with the 50-month. But honestly, I think it is too soon right now to assume that we would go to that level. I think it makes sense to bid and buy in this zone, and if we were to wait for the lower zone, I believe the risk of missing out is simply too great. So if anyone wants to be adding, if anyone wants to start building their position in silver, I believe this is the place for you.

For your information, I adjusted my Fib levels. For transparency, I placed it from this low over here, and I think it works very well. I would still say that we are in wave four, but I find these Fib levels to be working extraordinarily well now. So, a great place.

If we go to the daily chart, there isn’t really much to talk about. This is simply a slow pain. This is an impulsive move to the downside. We are hardly overlapping. We did over here, we did not here, but still I would be fine calling this an impulsive move, and thus wave C. We have wave A, wave B, wave C, in my opinion. Honestly, it is not textbook: an A, B, C should be a three-wave structure, and instead we got five waves, but that happens. Nothing is 100% correct in the markets. If it was, it would be simply too easy. But we need to work with the cards we are dealt. And that is a lower-low impulsive wave C and an impulsive wave B. But this, in my opinion, is simply a strong support, and I am pretty confident that we could be reversing over here. But it is too soon. We don’t know how deeply we go into this structure, into the golden ratio. But we will see, and gold will tell us more right now.

Sorry, by the way, one more thing. If we want to add 0.786 from the Fib extension, which has been working greatly for us as well, as you can see, it is from the lows over here to the high to the low. Similarly to this Fib retracement, the 0.786 once again aligns nicely with the support over here. So this is indeed a strong level, and it makes sense to be brave over here.

Let’s move on to gold. Gold is bouncing on the edge right now, and I don’t like it. I do expect this move. I honestly don’t believe that we will go higher without creating a lower low over here. It is simply not common. It is not something you see too often in the markets. Bottoms very often happen on a lower low and then a strong reaction. And we have this low right here, this low, this low and this low. We also have 0.382 over here, and that’s it. This is simply a strong level. These lows are not nice, and I do expect them to be taken before we go higher.

But overall, this is a statement from gold. It is a statement that there is buying demand and that gold is still strong. Wave four is intact. And I believe that once gold bottoms, silver will bottom as well. If we take a look at the structure, silver has done its job. The low was taken, and we are at a strong support right now. We need to wait for gold. Once this dip happens, I believe silver might reach 0.65 or even 0.786 over here, along with this support. But I like the charts. Although it can be frustrating for holders now, I think this is an opportunity for the next one to three years. So, gold: A, B, C and then higher.

Palladium is painful. Let’s call it what it is: it is painful. The next support is 0.887, and I think that is the one that may finally hold, because the structure here is a strong support, this entire structure. I could show it like this. That is what I would expect. We did not expect such a pullback. It is frustrating for me to say it, but wave two is still valid. A, B, C, and I think this is a very interesting level to add or start a position, at the very least for a bounce to the 200-week moving average. The targets are adjusted like this. Holders, stay strong. We are here for you.

And let’s move on to copper. We are finally seeing some signs of a pullback. And honestly, if we reach the 200-day and 50-week with such a strong uptrend, I think a small position makes sense. But it would still be an amazing opportunity to buy at the 200-week. I personally would still wait for this pullback, but if anyone decides to buy on the 50-week and 200-day, I can’t say anything against it, because this uptrend is simply strong. Very strong.

So that’s it, guys. I hope you found this valuable. I hope you learned something new, and I will see you once again tomorrow. Take care, and let’s see what the day brings.

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