(Kitco News) - Gold futures prices were ending the Thursday U.S. day session modestly up but well down from daily highs. Meantime, the cash gold market was weaker today following its big afternoon gains on Wednesday. A firming U.S. dollar index today somewhat limited buying interest in the precious metals markets. April Comex gold futures were last up $3.90 an ounce at $1,325.40. May Comex silverwas last down $0.054 at $16.365 an ounce.
Safe-haven gold and silver bulls were somewhat perplexed their metals did not react more positively to a big U.S. stock market sell off that occurred in part due to the U.S. slapping new trade sanctions on China. However, markets and traders are fickle, and a heated trade war between the two largest economies in the world could well wind up boosting gold and silver prices in the near term. Remember that the U.S. stock market at first did not pay much attention to the U.S. protectionist rhetoric of recent weeks.
The key “outside markets” on Thursday saw the U.S. dollar index slightly higher on a corrective bounce after hitting a two-week low overnight. Trading in the USDX has been choppy. Meantime, Nymex crude oil prices were lower on profit taking from this week’s strong gains that saw prices hit a seven-week high on Wednesday.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures bulls and bears are on a level overall near-term technical playing field. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at this week’s high of $1,336.90 and then at the March high of $1,342.00. First support is seen at $1,320.00 and then at $1,310.00. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May silver futures bears have the overall near-term technical advantage. Prices are still in a five-week-old downtrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the March high of $16.895 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 $16.50 and then at this week’s high of $16.665. Next support is seen at $16.25 and then at this week’s low of $16.10. Wyckoff's Market Rating: 3.5.
May N.Y. copper closed down 355 points at 302.35 cents today. Prices closed nearer the session low today and hit a three-month low. The copper bears have gained the slight overall near-term technical advantageg. Prices are in a five-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 315.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the December low of 295.85 cents. First resistance is seen at 305.00 cents and 309.40 cents. First support is seen at 300.00 cents and then at 297.50 cents. Wyckoff's Market Rating: 4.5.
