A few charts to see what was painted last week...

Regards - VHF

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Gold gained $12.30 U.S. per ounce last week. Support is at $1,155.90. Resistance is at all time high at $1,265.00. Intermediate trend remains up. Short term momentum indicators are trending up. Stochastics are overbought, but have yet to show technical signs of peaking. A break above resistance implies technical upside to 1,384.

Gold Futures (GC) Seasonal Chart

Market Vectors Gold Miners ETF added 3.10% last week. Support is at $46.80. Resistance is at $54.83. Short term momentum indicators are trending higher. Stochastics are overbought, but have yet to show technical signs of peaking. The ETF is outperforming gold, an encouraging technical sign for both. The Philadelphia Gold and Silver Index gained an average of 8.3% per period during the past 17 Septembers. History is set to repeat.

Silver, as more of an economic commodity, slipped 0.13 per ounce last week. It remains in a four month trading range. Momentum indicators are neutral.

Platinum dropped $9.00 U.S. per ounce last week. It remains in a tight four month range between $1,491 and $1,606.

Copper added 3.90 cents per lb. last week in response to strength in the Shanghai Composite Index. Short term momentum indicators have rolled over.

The CRB Index slipped 1.78 points (0.66%) last week despite strength in gold and the Shanghai Composite Index. Weakness was notable in the energy sector.

Crude oil dropped $1.76 U.S. per barrel (2.33%) last week. Support is at $67.15. Resistance is forming at $83.05. Crude fell below its 50 and 200 day moving average again last week. Short term momentum indicators are trending lower.

The U.S. Dollar Index added 0.10 last week and currently is testing its 50 day moving average. Support is at 80.80. Resistance and short term upside potential is to 85.03. Short term momentum indicators continue to trend higher. Stochastics already are short term overbought, but have yet to show signs of peaking.

The Euro slipped 0.43 last week. Support starts at the top of a previous trading range near 124. Resistance is at 133.34. Short term momentum indicators are trending down. Stochastics already are oversold, but have yet to show significant technical evidence of bottoming.

The Canadian Dollar fell 0.66 U.S. last week. Most of the weakness occurred late last week despite news on the proposed takeover of Potash Corp. Support is at 92.18. Resistance is at 98.70. Short term momentum indictors are neutral.

The S&P 500 Index fell 7.56 points (0.70%) last week. Intermediate trend remains down. Support is at 1,010.91. Resistance is forming at 1,129.24. The Index once again found resistance near its 200 day moving average and fell last week below its 50 day moving average. Short term momentum indicators are trending down. Stochastics already are oversold, but have yet to show signs of bottoming.

The Dow Jones Industrial Average fell 89.53 points (0.87%) last week. Intermediate trend remains down. Support is at 9,614.32. Resistance is forming at 10,719.94. Strength relative to the S&P 500 Index remains positive. The Index once again has moved below its 50 and 200 day moving averages. Short term momentum indicators are trending lower. Stochastics already are oversold, but have yet to show signs of bottoming.

This chart is scary. U.S. markets are tracking closely their mid term election year trend

The TSX Composite Index added 193.82 points (1.68%) last week. Intermediate trend remains down. Support is at 11,065.53. Resistance is forming at 11,878.35. The Index is bouncing back and forth around its 50 and 200 day moving averages. Short term momentum indictors are neutral. Strength relative to the S&P 500 currently is undetermined.

The yield on long term U.S. bonds continues to trend lower thanks to buying of Treasuries by the Federal Reserve. The yield on 10 year Treasuries fell another 0.076% last week.

The Baltic Dry Index gained another 288 (14.0%) last week.

The VIX Index slipped 2.86% last week but appears to be bottoming.