Golden Minerals Company

A quick review to start a new week and month.

Regards - VHF

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Gold was virtually unchanged last week. Short term momentum indicators continue to recover. Current intermediate upside potential is to resistance at 1,226.40.

The Philadelphia Gold and Silver Index is outperforming the price of gold, a positive technical indicator for gold and gold stocks. Momentum indicators continue to improve.

Ditto for Silver, up slightly last week! Silver continues to outperform gold. Momentum indicators continue to improve. Seasonal influences remain positive.

The U.S. Dollar unsuccessfully tested resistance at 81.47 and is showing early technical signs of rolling over. Last week it slipped 0.21. MACD is short term overbought and moved lower on Friday. RSI has declined from above the 70% level. Stochastics fell below the 80% level late last week. Current intermediate downside risk is to the top of its previous trading range at 78.45 and to its 200 day moving average at 78.10.

Conversely, the Euro added 0.16 last week. MACD is recovering from a short term oversold level. RSI already is recovering from below 30%. Stochastics moved above the 20% level on Friday.

The U.S. Dollar has a history of peaking at the beginning of March and trending lower from March to December. Conversely, the Euro has a history of bottoming near the end of February and moving higher until the end of May.

Euro FX Futures (EC) Seasonal Chart

The Canadian Dollar slipped 1.12 cents U.S. last week. It remains in a five month trading range between 92.16 and 97.79. Short term momentum indicators currently are neutral.

The CRB Index was virtually unchanged last week. Short term momentum indicators continue to recover from oversold levels. Current intermediate upside potential is to resistance at 293.75.

Ditto for crude oil, down $0.40 per barrel last week! Short term momentum indicators continue to recover from oversold levels. Current intermediate upside potential is to resistance at $83.95. ‘Tis the season for crude oil to start moving higher!

Crude Oil Futures (CL) Seasonal Chart

The Dow Jones Industrial Average slipped 77.09 points (0.74%) last week. Intermediate trend remains up. The Average is trading just below its 50 day moving average. Resistance is at 10,729.89. Support is at 9,835.09. MACD and RSI continue to recover from short term oversold levels. Stochastics remain short term overbought. Strength relative to the S&P 500 Index remains positive, but may be changing trend. Seasonal influences remain positive. Current intermediate upside potential is to resistance at 10,729.89.

The TSX Composite Index eased 79.66 points (0.68%) last week. Intermediate trend remains up. The Index trades just above its 50 day moving average. MACD and RSI continue to recover from oversold levels. Stochastics remain short term overbought. Support is at 10,990.41. Resistance is at 12,070.20. Seasonal influences remain positive. Strength relative to the S&P 500 Index is positive and historically remains positive until at least mid March. Current intermediate upside potential is to resistance at 12,070.20.