With the down grading of US debt one would think more monies would be headed for precious metals. Looking at charts of Gold and Silver (below) it’s obvious Gold made new highs while Silver did not. This by itself is negative. Looking at the Silver chart that we have followed for a few posts it can be seen Silver closed almost right on the Jupiter line (blue). Also note when Venus crossed the Jupiter line it jumped up and has now come back down. Friday had a big doji which is indecisive. Watch Silver closely early in the week. It could go either way although I suspect it’s going down. If going up it should follow the Venus (green) line. Remember the Venus and Jupiter lines are based on heliocentric positions.
Looking at the large fork on the Gold chart based on Dec 2, 2009 and Feb 8, 2010 the middle (green) line of the fork has acted as resistance since those dates. Gold has recently come up to the line again and would appear to be bouncing off. Obviously the long term trend is up, but if going down in the short term, look for support around $1600 – 1610.
One note on stocks this coming week. Mercury retro and opposite Neptune on Monday is a signature of lies and deceit. If something is exposed Mars square Uranus on Aug 9 and then Opposing Pluto may result in a drastic move in the markets. This is a signature of drastic change and revolution. Also look for violent uprising or protests. This may be hard to pick out with all the violence and protests going on in the world.
Interesting video on the FED
http://current.com/1eskm4c
And remember
It's a poor sort of memory that only works backwards.
Thanks, Richard
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