Gold prices are moderately higher in early U.S. trading Tuesday, as some more safe-haven demand has surfaced amid the simmering geopolitical situation in Ukraine. Gold prices are now hovering not far below their recent four-month highs. April gold was last up $8.70 at $1,350.20 an ounce. Spot gold was last quoted up $9.60 at $1,350.00. May Comex silver last traded up $0.305 at $21.215 an ounce.

The Ukraine matter is still a worry among traders and investors and has moved closer to the front burner of the market place. Russian president Putin has spurned a U.S. proposal to defuse the crisis, reports said. Last weekend Putin said he would back the Crimean region seceding from Ukraine. U.S. and German officials have rebuked Putin, and reports said the European Union is set to discuss this week sanctions against Russia. A vote on the Crimean secession is scheduled for March 16, and that could be the next flashpoint in the region. The Russian occupation of Crimea is a bullish factor for the safe-haven gold market.

U.S. economic data due for release Tuesday is again on the light side and includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, the NFIB small business optimism index, and wholesale trade inventories.

Wyckoff’s Daily Risk Rating: 6.0 (The Ukraine situation remains a geopolitical 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 $1,348.00 versus the P.M. fixing of $1,344.00.

Technically, April gold futures prices are in a 2.5-month-old uptrend on the daily bar chart. The gold bulls have the near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above technical resistance at the March high of $1,355.00. Bears' next near-term downside breakout price objective is closing prices below technical support at $1,318.70. First resistance is seen at $1,355.00 and then at $1,360.00. First support is seen at the overnight low of $1,338.00 and then at $1,330.00.  

May silver futures bears have the slight near-term technical advantage as prices fell to a four-week low Tuesday. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.74 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 $21.50 and then at $21.65. Next support is seen at $21.00 and then at the overnight low of $20.805.

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