1580 is pretty significant support for Gold. A break and hold below could send it down to 1500, as shown on the Weekly chart below.

By the way, a bearish (50 & 200) moving average "Death Cross" is forming today on the Daily timeframe, hinting at further weakness, unless it resolves itself soon.

Platinum failed to break out and hold above this large triangle and is swirling around its 5-Year Weekly Volume Profile POC. Further weakness could send it down to its confluence level of the 50 & 200 smas and lower triangle (note that we have a very recent bearish "Death Cross" formation on this timeframe, so price has  not yet been resolved to the upside).

Further to my post of February 19th, price has fallen today on the Commodities ETF (DBC). We'll see if the 50 sma (red) holds on the Weekly timeframe at 27.66.

I'm also watching price action on the AUD/USD Forex pair as it swirls around its Weekly 50 sma before it breaks out of its trading range.

In conclusion, I'd say that Commodities, in general, are in "neutral territory," with a hint of further weakness waiting in the wings, and the Weekly 50 smas playing a role in either providing solid support, or giving way for this Sector and commodity currency (Aussie $) to weaken further.

So far today (as of 12:30pm), the YM, ES, and TF are attempting to break and hold above their respective trading ranges, as shown on the 60 min (market hours only) charts below. The NQ, however,  remains a laggard as trading continues within its range.

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Further to my last Weekly Market update, this week's update will look at:

• 6 Major Indices
• 9 Major Sectors
• 30-Year Bonds
• U.S. $

6 Major Indices

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I last wrote about the Russell 2000 e-Mini Futures Index (TF) on January 2nd.

Since then, it has been slowly grinding higher and has made a small gain of 48.50 points, as shown on the 60 min (market hours only) chart below…very often retracting (repeatedly) small moves up (shaking out long and short positions), as it inches its way to a potential target of 970.00 by the end of this month.

Unless the pace and size of any further upside moves picks up from here, I can see that it won’t make this target by that date…it wouldn’t be hit until the latter part of March, if it continued to cling to the mid-channel level.

We’ll see if serious buyers enter any time soon to move this index at a quicker pace than it has seen of late, in anticipation of some kind of resolution of the “Fiscal Cliff” issue by March.

Irresponsible actions from North Korea caused this 5.0 earthquake today. For more information on their nuclear test blast that caused it, you can read this Guardian UK article.

Until something more definitive/aggressive (and effective) comes from the United Nations Security Council, I see no reason why further blasts will not be forthcoming from North Korea…they seem to be proceeding with their plans (whatever they are) unabated and undeterred.

Otherwise, they (the Security Council) will have no alternative but to accept those consequences (immediate and eventual fallouts), just as they will have to accept today's consequences (as this blast is already a "fait accompli"). Members of the Council should consider the safety of all citizens of this fair planet when making decisions, which should not be based on self-serving gains/ideals. Any members who do not uphold such global safety ideals should not be allowed to be a member and, thus, receive all attendant benefits and privileges.

This is my opinion as a concerned citizen of this planet.