(Kitco News) - Gold prices are again weaker in midday U.S. trading Thursday, on continued profit taking from the shorter-term futures traders, and on normal and even healthy chart consolidation after hitting a six-year high of $1,442.90 in August futures on Tuesday. August gold futures were last down $5.40 an ounce at 1,409.90. July Comex silver prices were last down $0.124 at $15.17 an ounce.
Focus late this week is on the U.S.-China trade war that could end this weekend, or escalate. There were new developments in the U.S.-China trade war today. Chinese President Xi Jinping reportedly told U.S. President Trump he’s ready to settle the trade war, but laid out several conditions that Trump may not accept, including lifting sanctions on China telecommunications giant Huawei. The markets did not react much to this news, as traders are not sure if this is a positive or a negative for reaching a final deal. The outcome of the U.S.-China summit meeting between Trump and Xi in Japan is still very uncertain and could have major implications for many markets Friday or Monday.
In other news, Bitcoin is posting huge losses of around $2,800 today after hitting a 17-month high Wednesday. While the Bitcoin backers may be right or wrong in the long run, you can bet nobody involved with the crypto currency likes or wants such extreme volatility that drives investors away.
The key “outside markets” today see Nymex crude oil prices firmer and trading around $59.65 a barrel. Meantime, the U.S. dollar index is slightly up on a corrective bounce and some chart consolidation after hitting a three-month low Tuesday.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, August gold futures prices closed nearer the session high. The bulls still have the solid overall near-term technical advantage amid a four-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,450.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,400.00. First resistance is seen at today’s high of $1,415.30 and then at $1,420.00. First support is seen at $1,400.00 and then at $1,386.10. Wyckoff's Market Rating: 7.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
July silver futures prices closed nearer the session low today. The silver bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart, but the bulls need to show fresh power soon to keep it alive. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the June high of $15.555 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.75. First resistance is seen at $15.355 and then at last week’s high of $15.555. Next support is seen at today’s low of $15.12 and then at $15.00. Wyckoff's Market Rating: 6.0.
July N.Y. copper closed down 15 points at 271.20 cents today. Prices closed nearer the session high today. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 285.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the June low of 259.95 cents. First resistance is seen at this week’s high of 277.15 cents and then at 277.50 cents. First support is seen at this week’s low of 268.00 cents and then at 265.00 cents. Wyckoff's Market Rating: 5.0.
