Gold prices are moderately higher in quieter early U.S. trading Tuesday. Trading has turned choppy and sideways amid some chart consolidation and profit taking recently, but the gold bulls still possess the slight near-term technical advantage. August Comex gold was last up $6.60 at $1,323.60 an ounce. Spot gold was last quoted up $2.20 at $1,322.75. December Comex silver last traded up $0.184 at $21.260 an ounce.

It’s a quieter trading affair in many markets early this week, amid a lack of major world economic news released so far. The focal point for U.S. traders this week is the FOMC meeting minutes from the Federal Reserve that are due out Wednesday afternoon. Market prices have been very sensitive to Fed data releases in recent years.

U.S. economic data due for release Tuesday includes the NFIB index of small business optimism, the weekly Goldman Sachs and Johnson Redbook retail sales report, and consumer credit.

Traders and investors are keeping a closer eye on the Middle East, as Israel has launched a military offensive on the Gaza strip. The Hamas group has retaliated with its own rocket launches into Israel.

Wyckoff’s Daily Risk Rating: 6.0 (The two major geopolitical events of recent weeks and months—the Ukraine-Russia conflict and the Iraqi civil war—have not seen any major developments recently. However, the Israeli offensive in Gaza is a concern to the market place at present.)

(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 $1,318.25 versus the previous P.M. fixing of $1,313.00.

Technically, August gold futures bulls have the slight overall near-term technical advantage. 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 $1,334.90. 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 $1,325.00 and then at $1,330.00. First support is seen at the overnight low of $1,317.60 and then at $1,310.00.  

December silver futures bulls have the near-term technical advantage.  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 $21.29 and then at last week’s high of $21.385. Next support is seen at the overnight low of $21.09 and then at Monday’s low of $20.995.

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