Gold prices are modestly higher in early U.S. trading Monday as safe-haven buying and short covering are featured. Bears still possess the overall near-term technical advantage in both gold and silver markets. June gold was last up $8.00 at $1,295.50 an ounce. Spot gold was last quoted up $5.60 at $1,296.25. July Comex silver last traded up $0.32 at $19.455 an ounce.

The Russia-Ukraine situation sees tensions still very high as the weekend saw a secession referendum vote taken in eastern Ukraine, in which the pro-Russia separatists won. The voting process was said by some observers to be chaotic. The government of Ukraine called the secession vote illegal and blamed Russia for stirring up more trouble. The Russian government said it would respect the weekend vote to secede. Meantime, the European Union is set to expand its sanctions against Russia, reports said. This matter remains a potential geopolitical powder keg and it appears the fuse is now lit. Gold has and will likely continue to see safe-haven buying amid the escalating Russia-Ukraine conflict.

World stock and financial markets were not overly exercised over the new developments in the Ukraine-Russia stand-off. Asian and European stock markets were slightly higher Monday and the U.S. stock indexes were also firmer in early electronic trading Monday.

There was no other major, markets-moving economic news from Asia or the European Union overnight.

U.S. economic data due for release Monday is light and includes the monthly Treasury budget statement. The U.S. economic report pace picks up significantly starting Tuesday.

Wyckoff’s Daily Risk Rating: 7.0 (The Russia-Ukraine tensions are still elevated.)

(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 $1,292.75 versus the previous P.M. fixing of $1,291.25.

Technically, June gold futures bears have the overall near-term technical advantage. Price action Monday morning was scoring a bullish “outside day” up on the daily bar chart—whereby the session’s high was higher and low was lower than the previous day’s trading range, with a higher price level on the day. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,315.80. Bears' next near-term downside breakout price objective is closing prices below solid technical support at the April low of $1,268.40. First resistance is seen at $1,300.00 and then at $1,307.00. First support is seen at $1,290.00 and then at $1,280.00.  

July silver futures bears still have the solid overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $19.77 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the May low of $18.685. First resistance is seen at the overnight high of $19.55 and then at $19.77. Next support is seen at $19.25 and then at $19.00.

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