A few charts to review as a new week opens...

Regards - VHF

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Gold added $27.70 (2.60%) last week despite no change in the U.S. Dollar. Short term momentum indictors have bottomed. A MACD buy signal was recorded on Friday. A word of caution! Seasonal influences currently are random.

Silver finally is showing technical signs of recovery. Short term momentum indicators are bottoming. Seasonal influences are positive until mid May.

The U.S. Dollar Index slipped 0.03 last week. Intermediate trend remains up. The Index is approaching intermediate resistance at 81.47. Short term momentum indicators are overbought and showing early technical signs of peaking. Stochastics fell below 80%, a Stochastics sell signal. RSI dropped below 70%, an RSI sell signal. MACD is overbought and is about to trigger a sell signal.

The Euro eased 0.53 last week. Short term momentum indicators are oversold and showing early signs of bottoming. Stochastics recovered late last week above the 20% level. RSI has recovered above the 30% level. MACD is oversold and about to record a MACD buy signal on a positive cross over. The focus this week is negotiations by European central bankers to bail out Greece.

The Canadian Dollar improved 1.78 cents U.S. last week. It bounced nicely from near support and its 200 day moving average at 92.16. On Friday, the Canadian Dollar closed above its 50 day moving average. Resistance is at 97.79. Short term momentum indicators have bottomed. Stochastics already have recovered to a short term overbought level, but continue to move higher. RSI is recovering from just above the 30% level. A MACD Buy signal was recorded on Thursday.

The CRB Index improved 3.62% last week, an encouraging sign given that the U.S. Dollar was virtually flat. World demand for commodities is increasing. Resistance has formed at 293.75. The Index bounced nicely from near its 200 day moving average. Short term momentum indicators have bottomed. A MACD buy signal was recorded on Friday.

Crude oil gained $2.62 U.S. per barrel (3.64%) last week. Resistance is at $83.95. Nice bounce from its 200 day moving average! A MACD buy signal was recorded on Friday. Favourable seasonal influences, that normally start in the third week in February, have started earlier than usual this year.

Copper was the star commodity last week, up 8.94%. Nice bounce from its 200 day moving average! Short term momentum indicators have bottomed.

The Dow Jones Industrial Average added 86.91 points (0.87%) last week. Intermediate trend remains up. Resistance has formed at 10,729.89. Support held at 9,769 and its 200 day moving average at 9,531.32 . Short term momentum indicators have bottomed. Stochastics moved above the 20% level. RSI is recovering from just above the 30% level. MACD is just about to record a Buy signal on a positive cross over. Strength relative to the S&P 500 Index has improved to positive. Seasonal influences remain positive.

The TSX Composite Index gained 246.69 points (2.20%) last week. Intermediate trend remains up. Resistance has formed at 12,070.20. Support held at 10,915.86. The Index bounced nicely from its 200 day moving average currently at 10,963.86. Short term momentum indicators have bottomed. Stochastics already have recovered to an overbought level, but continues to trend higher. RSI continues to recover from below the 30% level. MACD recorded a buy signal on Thursday. Strength relative to the S&P 500 Index has turned positive. Seasonal influences remain positive.

The VIX Index dropped 3.38% last week. The decline reflects less concern about negative economic news as the spring construction season approaches.

The Baltic Dry Index fell another 5.3% last week. Not a good sign for international trade!