Patrick MontesDeOca, CEO of the Equity Management Academy , discussed how to use the proprietary VC Price Momentum Indicator to effectively predict the movement of the gold market. In a report published on Trader Planet on December 15 based on Fibonacci trend lines, MontesDeOca forecast that “The market would bottom at around $1124. The rally that ensued captured the trend that we anticipated.” In the past couple of days, he published videos on the ema2trade website showing that the upside targets predicted in the report had been completed. “It’s the reason why we recommended to lighten up,” MontesDeOca said.
Now MontesDeOca is waiting to see how the market reacts to the Fibonacci resistance. “Once this resistance is broken,” he explained, “then it becomes support. This resistance, the second level of resistance in the $1220 area, was not able to be broken, but it was tested. We saw that supply came into the market and brought it back down to test the level of support, which was the resistance level.”
Where do we go from here and when do we buy?
MontesDeOca uses a proprietary set of algorithms embodied in the VC Price Momentum Indicator to trade his own fund and to advise a select group of Equity Management Academy subscribers. He said, “We provide very specific criteria for our subscribers” to buy and sell the market.
“In the past three days,” he said, “we have recommended that our subscribers take profits from any short positions and reverse to the long side. The market coming down to these levels and testing these levels of support based on Fibonacci trend lines indicate that the market should be turning from here.”
MontesDeOca is looking for validation of the reversal if the market closes above $1183 on a weekly basis, while a close above $1194 would serve as “a very strong signal.” A daily close above $1191 would be a buy signal, as would a daily price above $1182.
“I’m alerting you to what to be looking for to confirm and validate where the market wants to go,” MontesDeOca said. “I am showing our subscribers how to follow the market by using this very powerful tool, the VC Price Momentum Indicator.”
For more information on the criteria to join the Academy’s select group of investors or to see every trade recommended by the VC Price Momentum Indicator for the past few years, please email email@example.com or call 805-418-1744.