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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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Message: A Few Charts

A Few Charts

posted on Mar 15, 2010 08:47AM

At this time, the $CDN is about the only item moving above resistance with just about everthing else still within the usual painted trading range.

Regards - VHF

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Gold fell $32.30 (2.85%) last week. Short term momentum indicators are neutral. Support is at $1,044.80 and at its 200 day moving average at $1,040.67.

The Philadelphia Gold and Silver Index slipped 4.77 points (2.80%) last week. Strength relative to gold remains positive. Momentum indicators are neutral.

Silver slipped $0.28 (1.61%) last week. Strength relative to gold remains positive. ‘Tis the season for silver to move higher! Momentum indicators currently are neutral.

The U.S. Dollar Index fell 0.65 (0.81%) last week. It found resistance just below a previous resistance level at 81.47. MACD, RSI and Stochastics have rolled over from short term overbought levels and continue to trend lower. Current intermediate downside risk is to the top of a previous trading range at 78.45 and its 200 day moving average at 78.04. ‘Tis the season for the U.S. Dollar to weaken!

The Euro gained 1.44 last week. Support has formed at 134.61. MACD, RSI and Stochastics continue to recover from short term oversold levels. Current intermediate upside potential is to the bottom of a previous trading range at 142.20 or to its 200 day moving average at 143.22. ‘Tis the season for the Euro to move higher!

The Canadian Dollar rose 0.98 last week. On Thursday, it broke above resistance at 97.79 cents U.S. and resumed an intermediate uptrend. Short term momentum indicators are overbought, but continue to trend higher. Seasonal influences have just turned positive. Current intermediate upside potential is to 103.75 cents U.S.

Interesting observation: Wholesale gasoline prices in the U.S. have increased 24.9% since their lows in the first week in February. During the same period, the price of gasoline in the Greater Toronto Area has increased only 6.5% from $0.94 to $1.001 per litre. The difference is strength in the Canadian Dollar. If the Canadian Dollar had remained at its low set in early February, the price of gasoline in the GTA area would be $1.06 per litre.

The Dow Jones Industrial Average gained 58.49 points (0.55%) last week. Intermediate trend remains up. Resistance at 10,729.89 is being tested. Support is at 9,835.09. MACD, RSI and Stochastics are short term overbought, but continue to trend higher. Strength relative to the S&P 500 Index remains negative. Seasonal influences remain positive.

The TSX Composite Index gained 38.68 points (0.32%) last week. Intermediate trend is up. The Index closed at a 17 month closing high and is testing its January inter-day high at 12,070.20. Support is at 10,990.41. MACD, RSI and Stochastics are short term overbought, but continue to trend higher. Strength relative to the S&P 500 Index has changed from up to neutral. Seasonal influences remain positive. Strength in the Canadian Dollar curtailed performance last week. Current intermediate upside potential on a break above resistance is to 12,500, the bottom of a previous trading range.

The CRB Index slipped 3.62 points (1.31%) last week despite weakness in the U.S. Dollar. Short term momentum indicators have recovered from oversold to neutral.

Crude oil was virtually unchanged last week. Support is at $69.50. Resistance is at $83.95. Short term momentum indictors are overbought, but continue to trend higher. ‘Tis the season for crude oil prices to move higher!

Gasoline also was virtually unchanged last week. Strength relative to crude oil prices remains positive (i.e. the crack spread is improving). ‘Tis the season for higher gas prices

Natural gas prices continue to deteriorate. Support at $4.43 per MBtu was broken on Friday. Short term momentum indicators continue to trend lower.

Copper slipped 3.75 cents per lb. (1.1%) last week. Short term momentum indicators are showing technical signs of rolling over from overbought levels. Weakness is occurring after an unsuccessful test of short and medium term resistance near $3.50 per lb. Weakness happened despite a weaker U.S. Dollar and despite news of earthquake aftershocks in Chile, the largest producer of copper in the world.

The yield on 10 year U.S. Treasuries was virtually unchanged last week following an auction. Yield remains stuck in a nine month range between 3.21% and 3.98% and shows no technical inclination toward change. Traders will watch for comments from the Fed this Tuesday for a possible tightening in monetary policy that could lead to higher interest rates.

The VIX Index was virtually unchanged last week. It continues to test support at 16.86%. Confidence in equity markets remains positive.

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