Gold is higher on safe-haven buying interest in early U.S. trading Friday, and on follow-through strength from Thursday’s gains. Prices have pushed back above the key $1,300.00 level. June gold was last up $10.20 at $1,300.70 an ounce. Spot gold was last quoted up $5.90 at $1,300.25. May Comex silver last traded up $0.002 at $19.69 an ounce.

The Russia-Ukraine crisis has escalated late this week and that is benefiting safe-haven gold. I would not be surprised to see a keener “risk-off” trader and investor mentality as Friday wears on and heading into the weekend. Ukraine’s military has taken action against pro-Russian separatists, killing several of them. In turn, Russia has mobilized its troops near the Ukraine border. President Obama said Friday he will consult with his European allies on the matter. This situation is now a geopolitical flashpoint in the eyes of the market place.

U.S. economic data due for release Friday includes the U.S. flash services purchasing managers index (PMI), and the University of Michigan consumer sentiment survey.

Wyckoff’s Daily Risk Rating: 7.0 (The Russia-Ukraine tensions are high heading into the weekend.)

(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 fixing is $1,294.25 versus the previous P.M. fixing of $1,291.50.

Technically, June gold futures prices on Thursday scored a big and bullish “outside day” up on the daily bar chart after hitting a 2.5-month low early on, which is an early clue that a near-term market bottom is in place. A bullish weekly high close on Friday would provide further technical evidence of a market low being in place. But right now the bears still have the overall near-term technical advantage. A six-week-old downtrend line is still in place on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the April high of $1,331.40. Bears' next near-term downside breakout price objective is closing prices below solid technical support at this week’s low of $1,268.40. First resistance is seen at the overnight high of $1,303.10 and then at $1,310.00. First support is seen at the overnight low of $1,290.40 and then at $1,277.40. Wyckoff’s Market Rating: 4.5

May silver futures on Thursday hit a 3.5-month low early on but then also scored a big and bullish “outside day” up on the daily bar chart, which is an early clue that a near-term market bottom is in place. The bears still have the overall near-term technical advantage. However, a bullish weekly high close on Friday would be an early clue of a market low being in place. Prices are still in a two-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the April high of $20.40 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $18.93. First resistance is seen at Thursday’s high of $19.91 and then at $20.00. Next support is seen at the overnight low of $19.515 and then at $19.22. Wyckoff's Market Rating: 2.5.

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