A quick review of a few key charts to start the week.

Regards - VHF

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Gold gained $19.70 U.S. per ounce (1.78%) last week thanks mainly to weakness in the U.S. Dollar. Short term momentum indictors are recovering from oversold levels.

Silver gained $1.02 per ounce (6.03%) last week. It broke resistance at $17.64. Short term momentum indicators are recovering from oversold levels. Strength relative to gold remains positive thanks to growing demand for silver used in consumer electronics.

Platinum gained 73.80 U.S. per ounce (4.62%) last week. It broke resistance at $1,647.70 to reach an 18 month high. ‘Tis the season for Platinum to move higher until early June! Strength relative to gold remains positive thanks to growing demand by the auto industry (catalytic converters).

Copper gained 18.10 cents U.S. per lb. (5.32%) last week. It broke above resistance at 354.40 cents to reach a 21 month high. Short term momentum indicators are overbought, but continue to trend higher.

The U.S. Dollar Index fell 0.89 last week. Short term momentum indicators rolled over from overbought levels. MACD also established an intermediate downtrend. A test of its recent low at 79.51 is likely.

Conversely, the Euro gained 1.72 last week. Short term momentum indicators recovered from oversold levels. MACD established an intermediate uptrend. A test of 138 is likely in the short term.

‘Tis the season for the U.S. Dollar to move lower and the Euro to move higher!

U.S. Dollar Index Futures (DX) Seasonal Chart

The Canadian Dollar gained 1.77 cents U.S. last week and tested its recent high at 99.37. Short term momentum indicators are moving higher. Intermediate upside potential is to 103.75.

Crude oil gained $4.87 U.S. per barrel (6.09%) last week. On Friday Crude broke above resistance at $83.87 to reach an 18 month high. Short term momentum indicators are overbought, but have resumed an uptrend.

Gasoline gained $0.12 per gallon (4.98%) last week to an 18 month high. Short term momentum indicators are overbought, but turning higher. An explosion at a Tesoro refinery in Washington State on Friday could boost gasoline prices today. ‘Tis the season for gasoline prices to move higher!

The Dow Jones Industrial Average gained another 76.71 points (0.71%) last week. The Average closed at an 18 month high on Thursday. Intermediate trend remain up. Support is at 9,835.09. Short term momentum indicators remained stuck at overbought levels. Seasonal influences remain positive. Strength relative to the S&P 500 Index continues to show early signs of turning positive. Intermediate downside risk is to its 50 day moving average currently at 10,439.

The S&P 500 Index gained another 11.51 points (0.99%) last week. It reached an 18 month high on Thursday. Intermediate trend is up. Support is indicated at 1,044.50. Short term momentum indicators stalled at overbought levels last week. Seasonal influences remain positive. Intermediate downside risk is to the Index’ 50 day moving average currently at 1,120.

The TSX Composite Index gained 193.69 points (1.62%) last week. The Index closed at an 18 month high on Friday. Intermediate trend remains up. Short term momentum indicators are overbought, but not showing signs of rolling over yet. Seasonal influences are positive. Strength relative to the S&P 500 Index has been mixed recently, but showed signs last week of turning positive.

The VIX Index slipped last week from 17.77% to 17.47%. It continues to bounce from an 18 month low.

The Baltic Dry Index slipped 3.45%) last week.