For week of Dec. 2nd: The consolidation continued last week in the S & P index after the Mercury/Saturn conjunction on Monday, Nov. 25th. The S & P still testing and remaining below longer term planetary resistance at 1810. This is important resistance in December. Key planetary support is at 179o. A break below 1790 is needed to begin to show more weakness again.
The Sun trines Uranus over the weekend on Saturday, Nov. 30th. On Monday is the New Moon and Mercury sextiles Mars on Tuesday. On Wednesday, after the close, Mercury enters Sagittarius and finally leaves Scorpio since Sept. 29th! Mercury squares Neptune on Friday. The important non-farm payrolls announcement is before the open on Friday. A more important key date of the month is on next Monday, Dec. 9th after Mars changes signs and enters Libra on Saturday, Dec. 7th. This week’s key reversal days or turning points are likely to be on Monday, Thursday, and Friday. Good trading to you!
Commentary on Gold: The Mercury/Saturn conjunction on Monday, Nov. 25th probably just timed another bottom in Gold. Key planetary resistance is now at 1259 – 1261 this week. A break out above 1261 would trigger another buy signal for a continuation higher and is still needed to confirm a low probably completed on Nov. 25th.