For week of Dec. 23rd: Happy holiday wishes to everyone! The Winter Solstice is on Saturday, the 21st, as the planet Venus turns retrograde. Monday is the next key reversal day. Planetary resistance at 1810 for the S & P that held in November thru December 19th was taken out on Friday. Key planetary support on a pullback is now at 1810 – 1790. Mars opposes Uranus on Christmas Day on Wednesday, the 25th. A pullback early next week is likely to lead to another reversal again on Thursday. This week’s key reversal days or turning points are likely to be on Monday and Thursday. Good trading to you!
Commentary on Gold: The “golden opportunity” in Gold. Here we are again. One of the strongest turn periods of the year for the metals is on the Winter Solstice on Dec. 21st when Venus turns retrograde. Monday is the key day of the week. The low on Thursday last week at 1186, (Feb. contract), was just 6 pts. shy of longer term planetary support 1180 and the June, 2013 low. A change in trend back up looks imminent now.
A low either already completed on Thursday at 1186 or is likely to complete over the weekend or by Monday’s important turn date. Important planetary support is at 1180 and extends slightly below to 1162 in case volatility or stop loss selling cause price to dip a little below 1180. Key planetary resistance is now at 1224. A break out above 1224 is needed to show more strength with the next near term upside target at 1270. Good trading to you!