Gold prices are moderately lower in early U.S. trading Wednesday, on some profit taking from the shorter-term traders after recent price gains. A corrective technical pullback and chart consolidation are also featured Wednesday morning. August Comex gold was last down $7.10 at $1,314.20 an ounce. Spot gold was last quoted down $5.80 at $1,313.75. December Comex silver last traded down $0.105 at $21.045 an ounce.

There were no major developments on the world market place overnight. The civil war in Iraq remains an important market element. Some risk aversion in the market place is still supportive for gold and U.S. Treasury prices. However, the U.S. stock indexes are hovering not far below record or multi-year highs, which hints risk aversion is not that keen at present. The Russia-Ukraine civil unrest is still simmering in the background.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, durable goods orders, the third gross domestic product estimate for the first quarter, the flash services purchasing managers’ index, and the weekly DOE liquid energy stocks report.

Wyckoff’s Daily Risk Rating: 6.0 (Civil war in Iraq still has the world market place somewhat concerned.)

(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 $1,312.00 versus the previous P.M. fixing of $1,318.50.

Technically, August gold futures bulls still have the overall near-term technical advantage. Prices Tuesday hit a 10-week high and a three-week-old uptrend is 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 $1,331.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at the overnight high of $1,320.30 and then at this week’s high of $1,326.60. First support is seen at the overnight low of $1,305.40 and then at $1,300.00.  

December silver futures are also seeing a corrective pullback after hitting a three-month high Tuesday. The silver bulls still have some upside technical momentum and have the near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.825 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 the overnight high of $21.045 and then at this week’s high of $21.255. Next support is seen at the overnight low of $20.82 and then at $20.70.

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