Gold prices are moderately lower in early U.S. trading Wednesday, on some more profit taking and a corrective technical pullback from recent gains that saw prices hit a 3.5-month high Tuesday. The gold and silver market bulls still have the near-term technical advantage. April gold was last down $7.10 at $1,317.50 an ounce. Spot gold was last quoted down $4.70 at $1,318.00. March Comex silver last traded down $0.133 at $21.765 an ounce.

Traders and investors Wednesday get a solid dose of U.S. economic data, including the release of the minutes of the latest meeting of the Federal Reserve’s Open Market Committee (FOMC). Given some recent weaker U.S. economic data, the market place will pay extra close attention to the FOMC minutes, to try to better discern the tenor of the committee regarding its future monetary policy intentions.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the weekly Johnson Redbook and Goldman Sachs chain store sales reports, the producer price index, and new residential construction.

Violence in Ukraine this week is getting major news coverage. If that situation escalates, more risk aversion could enter the market place to more directly impact markets.

Wyckoff’s Daily Risk Rating: 6.0 (The violence in Ukraine and some important U.S. economic reports due out have put some more risk into the market place Wednesday.)

(Wyckoff’s Daily Risk Rating is your way to quickly gauge investor risk appetite in the world market place each day. Each day I assess the “risk-on” or “risk-off” trader mentality in the market place with a numerical reading of 1 to 10, with 1 being least risk-averse (most risk-on) and 10 being the most risk-averse (risk-off), and 5 being neutral.

The London A.M. gold fix is $1,318.75 versus the P.M. fixing of $1,320.75.

Technically, April gold futures Tuesday hit a 3.5-month high as prices are in a seven-week-old uptrend on the daily bar chart. The gold bulls have the near-term technical advantage and their next upside near-term price breakout objective is to produce a close above technical resistance at $1,360.00. Bears' next near-term downside breakout price objective is closing prices below technical support at $1,280.00. First resistance is seen at the overnight high of $1,323.00 and then at Tuesday’s high of $1,332.40. First support is seen at Tuesday’s low of $1,312.30 and then at $1,300.00.  

March silver futures bulls have the overall near-term technical advantage as prices hit a more-than-three-month high Tuesday. Prices are in a three-week-old uptrend on the daily bar chart. Silver futures have recently seen a bullish upside “breakout” from a choppy and sideways trading range at lower price levels. This suggests a price uptrend can continue in silver.  Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $22.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.00. First resistance is seen at Tuesday’s high of $21.97 and then at $22.25. Next support is seen at the overnight low of $21.96 and then at $21.49.

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