By Jim Wyckoff of Kitco News Comex gold futures prices are trading near unchanged to slightly lower levels Monday morning, as a weaker U.S. dollar is supportive for the yellow metal, but an up-tick in investor risk appetite is bearish. December gold last traded down $0.90 an ounce at $1,245.60. Spot gold was last quoted down $2.90 at $1,244.25. The U.S. stock indexes and other world stock markets were supported Monday following some stronger-than-expected economic data coming out of China over the weekend, and on news that the Bank of International Settlements has established new capital rules that are not a strict as the marketplace expected. The new BIS capital rules will work to alleviate or prevent stress on the world's banking and financial institutions, traders believe. Meantime, U.S. Treasuries and the U.S. dollar index are under selling pressure Monday, which underscores the pick-up in investor risk appetite. Gold is perceived by investors as a safe-haven investment asset, and when investor risk appetite does increase, that's usually bearish for gold. U.S. economic reports due out Monday include the monthly Treasury budget statement. The U.S. economic data calendar gets busier on Tuesday through the rest of the week. The London A.M. gold fixing was $1,243.00 versus the previous London P.M. fixing of $1,256.50. Technically, Comex gold bulls still have the overall near-term and longer-term technical advantage. However, the bulls have faded just a bit following last Friday's near-term bearish weekly low close. December gold prices are still in a six-week-old uptrend on the daily bar chart. At present, there are still no strong early technical clues to suggest a market top is close at hand. The next near-term upside price objective for the gold market bulls is to push and close December futures prices above solid chart resistance at the contract and all-time record high of $1,270.60. The bears' next near-term downside price objective is producing a close in December gold futures below solid chart support at $1,233.50. For December gold, shorter-term technical resistance is located at the overnight high of $1,249.70 and then at Friday's high of $1,253.00. Buy stops likely reside just above those levels. Sell stops likely reside just below chart support at the overnight low of $1,243.00 and then at last week's low of $1,237.90. Today's key near-term Fibonacci pivot level for December gold: $1,244.00. Comex silver futures are firmer Monday morning. December silver last traded up 14.0 cents at $19.985 an ounce. The key "outside markets" are in a bullish posture for silver early Monday, as the U.S. dollar index is lower, while crude oil and the U.S. stock indexes are higher. The silver bulls have the solid overall near-term technical advantage. The next near-term upside price objective for the silver market bulls is to produce a close above solid technical resistance at $21.00 an ounce in December Comex futures. The next downside price objective for the silver bears is to push and close December silver prices below solid technical support at $19.00 December silver finds shorter-term technical resistance at Friday's high of $20.065 and then at last week's high of $20.18. Buy stops likely reside just above those levels. Shorter-term technical support for December silver is located at the overnight low of $19.82 and then at $19.68. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for December silver futures is located at $19.75.

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