Comex gold futures prices are modestly higher in early U.S. trading Friday, while the spot gold market trades slightly lower. A bullish near-term chart posture and some safe-haven buying ahead of the weekend are features Friday morning. April gold was last up $5.10 at $1,322.10 an ounce. Spot gold was last quoted down $1.30 at $1,322.25. March Comex silver last traded up $0.071 at $21.76 an ounce.

In overnight news, reports said there has been another truce agreement between Ukrainian protesters and government officials. The Ukrainian president said he will call for early elections. However, there was also a truce announced a couple days ago that lasted less than 24 hours. Violence in Ukraine this week is getting major news coverage. Television images have shown protesters being shot and bodies piling up. If that situation sees violence escalate, more risk aversion would enter the market place to more significantly impact markets. I would not be surprised to see keener risk aversion in the market place as Friday progresses, heading into a very uncertain weekend in the Ukraine. Such has prompted a bit of safe-haven demand for gold Friday.

There is a Group of 20 economic and finance ministers meeting in Sydney, Australia, this weekend. It’s likely the group will discuss the recent turmoil in some emerging market currencies. The event could produce some market-sensitive developments come Monday morning and is also causing just a bit of uncertainty in the market place on this last trading day of the week.

U.S. economic data due for release Friday is light and includes existing home sales.

Wyckoff’s Daily Risk Rating: 7.0 (The violence in Ukraine this week and the approaching weekend are keeping some increased risk in the market place.)

(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 $1,313.75 versus the P.M. fixing of $1,316.25.

Technically, April gold futures prices are in a seven-week-old uptrend on the daily bar chart. The gold bulls still 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 Thursday’s high of $1,325.30 and then at this week’s high of $1,332.40. First support is seen at the overnight low of $1,315.90 and then at this week’s low of $1,307.10.  

March silver futures bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. A bullish pennant patter has also formed on the daily chart this week. 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 this week’s high of $21.98 and then at $22.25. Next support is seen at the overnight low of $21.575 and then at this week’s low of $21.315.

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