Wheaton Precious Metals (WPM): Fibonacci Levels to Watch

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Today, our focus is on gold mining stocks, with earnings reports from Barrick Gold GOLD and Wheaton Precious Metals WPM in the spotlight. We’ve zoomed out on the WPM chart to assess the overall structure and identify longer-term opportunities. Building a portfolio with some exposure to the commodity market is, in our opinion, a solid strategy for diversification.

WPM appears highly correlated to Gold XAUUSD and is currently sitting on a crucial trendline while hovering in the minimum target area for wave 3. A drop into the $78.5-$68.5 range seems plausible to establish the wave (iv). Ideally, the stock would then resume its upward trend, targeting higher Fibonacci levels for wave 3. In the broader picture, Wheaton Precious Metals responds well to trendlines, and a potential move into the $64.2-$52 zone could also occur over time.

If Gold continues to rise, WPM may follow suit, and during Gold’s peak, mining stocks like WPM could outperform the physical commodity significantly.

We are closely monitoring this setup and evaluating whether to execute it. Remember to always conduct your own research before making any investment decisions!