As predicted back in May, the late June-July period saw the price of gold rise nicely off its lows of $560. This is partially due to the applying conjunction of Uranus to Jupiter. Now that Uranus is separating from that Jupiter, it's no surprise that gold has fallen back from its interim highs of $650 back to $620. I expect more weakness in the next week but watch from some signficant gains as we head into September (see chart above).
It's unlikely that these gains will hold, however. Watch for the June lows ($560) to be retested this Fall. The Saturn station near the 7th house cusp seems unlikely to bring the bulls back. I would not be surprised to see gold fall back to $500. But come December, the uptrend will resume and continue more strongly into 2007. As before, I am sticking to my forecast that gold will surpass its previous highs ($725) in early 2007.
