For week of Jan. 6th: The action picks up this week as traders start to wake up from the holiday slumber. The Sun completes an opposition to Jupiter over the weekend on Sunday, Jan. 5th. Retrograde Venus conjuncts Mercury on Tuesday. Mars squares Jupiter on Wednesday. This week’s key reversal days or turning points in all markets are likely to be on Monday and Thursday. Good trading to you!
Commentary on Gold: Feb. Gold successfully tested important longer term planetary support at 1180 – 1162 in December. A trend change back up to higher levels is underway as long as price remains above 1217 planetary support this week. The next upside target is at 1250 – 1270 planetary resistance.