Gold prices are lower and fell to a three-week low in early U.S. trading Monday. The bearish technical posture presently gripping the gold market is prompting keener selling interest amid a lack of fresh, bullish fundamental news at present. June gold was last down $9.00 at $1,284.90 an ounce. Spot gold was last quoted down $9.20 at $1,286.00. May Comex silver last traded down $0.246 at $19.35 an ounce.

Many European and Asian markets are closed Monday due to the Easter holiday, which made for subdued trading and a lack of fresh news coming from Europe and Asia.

The Russia-Ukraine crisis has de-escalated for the moment. Reports said the U.S. and Russia have agreed to work to tamp down this geopolitical flashpoint. U.S. Vice President Joe Biden is heading to Kiev early this week for talks with Ukrainian officials.

U.S. economic data due for release Monday includes the Chicago Fed national activity index and leading economic indicators.

Wyckoff’s Daily Risk Rating: 6.0 (The Russia-Ukraine tensions are now at least temporarily on the back burner 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.

Technically, June Comex gold bears have the firm near-term technical advantage. A five-week-old downtrend line is in place on the daily chart. 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 technical support at the April low of $1,277.40. First resistance is seen at $1,290.00 and then at $1,300.00. First support is seen at the overnight low of $1,281.90 and then at $1,277.40.  

May silver futures bears have the solid near-term technical advantage as prices hover near a 2.5-month low. 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 $19.00. First resistance is seen at $19.50 and then at the overnight high of $19.705. Next support is seen at last week’s low of $19.22 and then at $19.00.

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