Difficult to read too much into these latest charts as the paint was thicker than usual last week due to thin volumes.

Regards - VHF

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Gold added $10.30 U.S. per ounce (0.75%) last week. Gold is bouncing from near its 50 day moving average. Stochastics are recovering from an oversold level. Resistance has formed at its all time high at $1,424.40. Gold has a history of moving higher into Dec.

Gold Futures (GC) Seasonal Chart

The Philadelphia Gold Index slipped 2.58 points last week. Strength relative to gold remains positive. The Index is bouncing from near its 50 day moving average. The Philadelphia Gold Index has a history of moving higher in the month of December.

Silver backed off $0.62 (2.27%) last week. More than all of the drop occurred on Friday in thinly traded markets. Strength relative to gold remains positive. Resistance has formed at $29.33.

Platinum slipped $19 per ounce last week. Short term momentum indicators are trending lower. Stochastics are oversold, but have yet to show signs of bottoming. Platinum has a history of moving higher from mid December to May.

Platinum Futures (PL) Seasonal Chart

Copper dropped another 8.00 cents U.S. per lb. last week. Short term momentum indicators continue to trend lower. Copper on average has a history of entering into a period of seasonal strength in the second week in December.

Copper Futures (HG) Seasonal Chart

The grain ETN added 0.99 (2.17%) last week. Stochastics are oversold and showing signs of bottoming. ‘Tis the season for grain prices to move higher!

The CRB Index added 2.24 points (0.75%) last week despite strength in the U.S. Dollar. The Index bounced from near its 50 day moving average. Stochastics are short term oversold and showing early signs of bottoming. Resistance has formed at 320.38.

Crude oil added $1.78 per barrel (2.17%) last week. It is bouncing from near its 50 day moving average. Stochastics are short term oversold and showing early signs of bottoming. Resistance is at $88.84 U.S. per barrel.

Gasoline added $0.02 per gallon (0.94%) last week. Gasoline is bouncing from near its 50 and 200 day moving averages. Stochastics are trying to bottom from an oversold level.

The U.S. Dollar Index gained another 1.25 last week (flight to quality) in response to the Korean conflict and concerns about European sovereign debt concerns. The Index has returned to a band of resistance between 80.08 and 83.56. Support is at 75.63. Short term momentum indicators are overbought, but have yet to show signs of peaking.

Conversely, the Euro fell 4.53 last week and returned to the top of a band of support between 125.91 and 133.91. Resistance exists at 142.81. The Euro is testing its 200 day moving average where support is possible. Short term momentum indicators are oversold, but have yet to show signs of bottoming.

The U.S. Dollar has a history of moving lower in the month of December. Weakness is related to yearend transaction by U.S. based international companies.

Conversely, the Euro has a history of moving higher in the month of December.

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

Euro FX Futures (EC) Seasonal Chart

The Canadian Dollar slipped 0.21 U.S. last week in response to strength in the U.S. Dollar. Resistance has formed at 100.18. Short term momentum indicators are trending lower. Stochastics already are oversold and showing early signs of bottoming.

The S&P 500 Index slipped 10.33 points (0.86%) last week. Weakness came on declining volume. Intermediate trend remains up. Support is at 1,039.70. Resistance has formed at 1,227.08. The Index is bouncing from its 50 day moving average. MACD and RSI have moved lower from overbought to neutral levels. Stochastics are oversold and are bottoming.

The Dow Jones Industrial Average gave up 111.55 points (1.00%) last week. The decline came on declining volume. Intermediate trend remains up. Support is at 9,936.62. Resistance has formed at 11,451.53. The Index is bouncing from near its 50 day moving average. MACD and RSI have trended lower from overbought to a neutral level. Stochastics are oversold and are trying to recover. Strength relative to the S&P 500 remains negative.

The TSX Composite Index gave up 63.62 points (0.49%) last week on declining volume. Intermediate trend remains up. Support is at 11,065.53. Resistance has formed at 13,114.05. The Index bounced from near its 50 day moving average. Short term momentum indicators are mixed. Strength relative to the S&P 500 Index remains neutral.

The yield on 10 year U.S. Treasuries was virtually unchanged last week. Support is at 2.334%. Resistance is forming at 2.930%. Short term momentum indicators are overbought. Stochastics are showing early signs of peaking.

The long term Treasury ETF added $0.48 last week. Intermediate trend remains down. However, momentum indicators have started to move higher. Stochastics are recovering from oversold levels. A recovery to its break down level at $100.16 is possible.

The Baltic Dry Index added $15 (0.70%) last week.

The VIX Index added 4.18 (23.17%) last week. It remains in a two month trading range between 17.90% and 23.07% and is testing its 200 day moving average.