(Kitco News) - Gold prices are slightly higher in the cash market and slightly lower in the futures market, amid a quieter start to the trading week Monday. There were no major weekend or overnight news events to excite the market place. Gold and silver market bulls have gained some technical momentum to suggest near-term market lows are in place by producing bullish weekly high closes last Friday. April Comex gold was last down $2.70 at $1,181.90 an ounce. May Comex silver was last down $0.163 at $16.72 an ounce.

The key “outside markets” on Monday morning find the U.S. dollar index and crude oil prices lower. The U.S. dollar index posted a bearish weekly low close on Friday and saw higher volatility at higher price levels last week—both early technical clues of a topping process in the index. The weaker greenback is a bullish underlying factor for the precious metals markets. Meantime, Nymex crude oil futures continue to hover near the six-year low scored last week. Prices are hovering just above $45.00 a barrel. The strong bear market in crude oil is a negative for the raw commodity sector, including the metals.

One geopolitical matter that may be come closer to the front burner of the market place this week is the ongoing negotiations between Greece and European Union officials, regarding agreement on a new longer-term financing package for Greece. Some reports have said those talks have not gone well. Greece’s new prime minister is visiting Berlin to meet with the German Chancellor this week.

U.S. economic data due for release Monday includes the Chicago Fed national activity index and existing home sales.

(Note: Follow me on Twitter–@jimwyckoff–for breaking market news.)

Wyckoff’s Daily Risk Rating: 5.0 (Trader and investor market risk aversion has not been high in recent weeks. However, as usual, there are geopolitical elements that could quickly put keener risk aversion back into the markets.)

(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 fixing is $1,181.40 versus the previous P.M. fixing of $1,183.10. .

Technically, gold market bears still have the overall near-term technical advantage. However, late last week’s upside price action, including Friday’s bullish weekly high close, give the bulls some technical momentum and it is also an early clue that a near-term market bottom is in place. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at last week’s low of $1,141.60. First resistance is seen at Friday’s high of $1,187.40 and then at $1,190.00. First support is seen at the overnight low of $1,178.60 and then at $1,175.00. Wyckoff’s Market Rating: 3.0

May silver futures bears still have the overall near-term technical advantage, but prices Friday hit a three-week high and closed at a bullish weekly high close, to begin to suggest a near-term market low is in place. A two-month-old downtrend on the daily bar chart has been negated. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at Friday’s high of $16.89 and then at $17.00. Next support is at the overnight low of $16.61 and then at $16.50. Wyckoff’s Market Rating: 3.5.

If you can’t afford to buy gold bullion at over $1,000 an ounce, consider buying it by the gram. It’s affordable. Compare the prices here. And you also have the option of an affiliate plan that allows you to make a good residual income, if someone you knows buys it. Click here for more information.