Summary

The forecast that we made on September 28, 2017, indicated that the targets for gold in 2018 were bullish and were in the $1,386 to $1,484 range.

If we look at the gold market, we have been in a trading range until recently of about $50, and we recently broke out of this trading range.

The VC PMI is identifying that we have entered a level of supply and overbought conditions short term.

Looking Back?

The forecast we made using the Variable Changing Price Momentum Indicator (VC PMI) on September 28, 2017, for the next year appears to have been validated. The forecast that we made on September 28, 2017, indicated that the targets for gold were bullish and were in the $1386 to $1484 range. This was the beginning of the 360-day cycle that began on September 28, 2017. If we look at the price action since that date, we can see that, in fact, this was a major bottom that occurred at the beginning of the 360-day cycle projection. When we look at the current price of gold, we can see that we have broken out this past week into a high that we made on the June gold contract of $1356 on the daily chart.

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