April Comex gold futures closed up $3.70 at $1,105.40 Monday on some fresh safe-haven buying. Prices closed nearer the session high in quieter dealings. Short covering from recent selling pressure was also featured after prices closed at a bearish weekly low close on Friday.

Ongoing concerns regarding the debt problems with the smaller European Union nations continues to pressure the Euro currency and support buying interest in gold.

The gold market bulls were also encouraged by the fact prices rallied despite a stronger U.S. dollar index and lower crude oil prices Monday. Trading was tentative, however, as traders await this week's FOMC meeting, in which the Federal Reserve will discuss monetary policy and then issue a statement early Wednesday afternoon.

The London afternoon gold fixing Monday was $1,104.25 versus the previous session's afternoon fixing of $1,106.25.

Technically, gold bulls need to continue to push prices higher this week to keep a five-week-old uptrend from the early-February lows in place on the daily bar chart for April futures. Bulls' next upside technical objective is to produce a close above solid technical resistance at the March high of $1,145.80. Bears' next downside price objective is closing prices below solid technical support at $1,088.50. First resistance is seen at Monday's high of $1,108.70 and then at $1,120.00. Support is seen at Monday's low of $1,101.00 and then at last week's low of $1,097.30. Wyckoff's Market Rating: 5.5.

May silver futures closed up 6.0 cents at $17.108 an ounce Monday. Prices closed near the session high. The key "outside markets" were in a bearish posture for silver Monday, as the U.S. stock indexes and crude oil prices were lower, while the U.S. dollar index was higher. Yet silver managed to post modest gains, which is also encouraging to the silver market bulls. Silver bulls have the overall near-term technical advantage. Prices are still in a five-week old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $16.00. Bulls' next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. First resistance is seen at $17.25 and then at $17.35. Next support is seen at Monday's low of $16.96 and then at last week's low of $16.835. Wyckoff's Market Rating: 6.0.

May N.Y. copper closed down 650 points at 331.50 cents Monday. Prices closed nearer the session low and hit a fresh two-week low. The key "outside markets" were in a bearish posture for copper Monday, as the U.S. stock indexes and crude oil prices were lower, while the U.S. dollar index was higher. Price action in copper Monday also produced a bearish downside "breakout" from the recent trading range. The copper market bulls still do have the overall near-term technical advantage but did fade on Monday. The next downside price objective for the bears is closing prices below solid technical support at 316.60 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the March high of 348.70 cents. First resistance is seen at 335.00 cents and then at Monday's high of 339.15 cents. First support is seen at Monday's low of 329.00 cents and then at 325.00 cents. Wyckoff's Market Rating: 6.0.

By Jim Wyckoff, contributing to Kitco News; jim@jimwyckoff.com