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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: A Few Charts
Here are a few charts for review as we await the historic $1000 battle between the Chinese and the NY gold cartel.
Regards - VHF
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The U.S. Dollar dropped 1.48, broke support at 77.43 and resumed an intermediate downtrend last week. Next support is at 75.89. MACD continues to trend lower. RSI and Stochastics are short term oversold, but continue to trend lower.
Chart courtesy of StockCharts.com www.stockcharts.com
Conversely, the Euro added 2.76 points, broke resistance at 144.36 and resumed an intermediate uptrend last week. MACD continues to trend higher. RSI and Stochastics are short term overbought, but continue to trend higher.
Chart courtesy of StockCharts.com www.stockcharts.com
The Canadian Dollar gained 0.83 last week. Intermediate trend remains up. Resistance is at 93.95 and in a band above 96.69. MACD is trending lower from a short term overbought level. RSI is neutral. Stochastics are short term overbought, but continue to trend higher.
Chart courtesy of StockCharts.com www.stockcharts.com
Commodities
The CRB Index added 3.54 points (1.43%) mostly due to strength in precious metals and remains below its 50 day moving average. Resistance is at 269.10.
Gold added another $11.80 U.S. per ounce last week. It broke resistance at $1007.70. Next resistance is at its all time high at $1,033.90 U.S. Short term momentum indicators are overbought (e.g. RSI at 74.01%) but continue to trend higher. Chart courtesy of StockCharts.com www.stockcharts.com The Philadelphia Gold and Silver Index added another 2.83 following a breakout last week. Short term momentum indicators are overbought, but continue to trend higher. Gold equity indices continue to outperform gold, an encouraging sign for both. Likely good news from the Denver gold convention this week could help gold equity indices. Chart courtesy of StockCharts.com www.stockcharts.com Silver added another $0.54 U.S. per ounce, broke above resistance at $16.23 and resumed an intermediate uptrend. Short term momentum indicators are overbought (e.g. RSI at 78.73%) but continue to trend higher Chart courtesy of StockCharts.com www.stockcharts.com Platinum finally responded to strength in other precious metals. On Friday, it broke resistance at 1,302.70 and resumed an intermediate uptrend. Chart courtesy of StockCharts.com www.stockcharts.com Copper continues to struggle, down another $0.02 per lb U.S. last week. Short term momentum indicators already have rolled over from overbought levels.
Crude oil added $1.70 U.S. per barrel last week despite a sharp decline in Friday. Short term momentum indicators have rolled over and are trending lower.
Chart courtesy of StockCharts.com www.stockcharts.com
Crude oil is approaching a period of seasonal weakness at the end of September.
Chart courtesy of SeasonalCharts.com www.seasonalcharts.com
Gasoline prices slipped again last week. Seasonal influences for gasoline are similar to seasonal influences for crude oil.
Chart courtesy of StockCharts.com www.stockcharts.com
Natural gas in the U.S. surged early last week, but gave up most of its gain by Friday after hitting resistance at $3.40. Momentum indicators are recovering from short term oversold levels.
Chart courtesy of StockCharts.com www.stockcharts.com
Seasonal influences for U.S. natural gas are positive until the end of October. The period of seasonal strength in Canada is from the end of August to the end of December. Canadian contracts are influenced mainly by currency trends near the end of the year.
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