Patrick MontesDeOca, CEO of the Equity Management Academy, reported today that the short-term targets set out in the Academy’s December 15 gold report have been met and resulted in a move up of almost $100.
In it, MontesDeOca applied Fibonacci retracement analysis to the gold market.
In mid-December, MontesDeOca said, “Gold had come down pretty close to the level that was indicated by Fibonacci analysis at around $1116.” Gold was trading at $1124 when the report was published and in the report MontesDeOca “recommended very strongly to buy the market, since the market had completed a 78.6% Fibonacci retracement.”
Since then, the market traded through December 27 before it broke out of a narrow range. MontesDeOca explained, “The market is validating that the bottom on December 15 is going to hold.” After that, the market resumed the uptrend. He said, “Once the market broke through a little bit of resistance, the market closed above a trend line resistance of around $1197. . .Since then, we have gone up to meet the upper to mid Fibonacci range of about $1220.”
MontesDeOca said, “Now we are starting to experience a little bit of resistance. We recommended to our subscribers that this might be the level to limit exposure and lock in profits, as we wait for the market to validate a resumption of the upturn at about $1225.” If it does, then the next target is $1257.
If you bought the market back in December, as MontesDeOca recommended, “We are looking at about a $100 move since then. It is a pretty substantial rally in a short period of time.”
In conclusion, MontesDeOca said, “Our profit objectives are being met. . ..We have done quite well this month.”
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