Gold prices are near unchanged levels in early U.S. trading Thursday. The bulls are working to stabilize the market after gold hit a three-week low Tuesday. It could be that simmering geopolitical matters are keeping the sellers from getting too aggressive in the safe-haven gold market. August Comex gold was last up $1.50 at $1,301.30 an ounce. Spot gold was last quoted up $0.50 at $1,300.75. December Comex silver last traded up $0.023 at $20.855 an ounce.

In overnight news, the U.S. and European Union have slapped new and tough sanctions on Russia. Russia reacted with bellicose rhetoric that has ratcheted up tensions between it and the West, regarding Russia’s annexation of part of Ukraine a few months ago. Asian and European stock markets were pressured a bit on this news. However, the overall market place is presently not placing high priority on several geopolitical matters that have the potential to flare up quickly. Tensions are also still elevated on the Gaza Strip and in Iraq.

There was still more downbeat economic data released from the European Union Thursday. The bloc reported its construction spending fell 1.5% from April to May, but was up 3.5% from a year ago. The EU also reported its annual inflation rate remained at a very low 0.5% in June. The very low inflation and weak economic numbers in the EU have prompted the European Central Bank to inject monetary policy stimulus this summer, and more easing is likely on the way in the coming weeks.

In other news, reports say India gold imports rose by 65% in June, on an annual basis, despite no movement by the Indian government to relax gold import duties.

U.S. economic data due for release Thursday includes the weekly jobless claims report, new residential construction, and the Philadelphia Fed business survey.

Wyckoff’s Daily Risk Rating: 6.0 (While the geopolitical tension in the market place is light at present, I suspect one or more of the simmering hot spots in the world will become a front-burner matter for markets at some point not too far down the road.)

(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 $1,302.75 versus the previous P.M. fixing of $1,301.00.

Technically, August gold futures bears have the near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,325.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,275.00. First resistance is seen at the overnight high of $1,308.80 and then at $1,314.40. First support is seen at the overnight low of $1,298.10 and then at this week’s low of $1,292.60.  

December silver futures have lost their near-term technical advantage as prices hit a four-week low Wednesday. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $21.67 an ounce. The next downside price breakout objective for the bears is closing prices below major technical support at $20.00. First resistance is seen at $21.00 and then at $21.20. Next support is seen at this week’s low of $20.70 and then at $20.47.

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