Gold prices up; silver still running on rocket fuel

KITCO-- "Gold prices are modestly higher in early U.S. trading Thursday, but silver continues to power ahead with sharp gains to hit another more-than-two-year high overnight. Safe-haven demand and technical buying continue to be featured in both metals....A slightly weaker than expected U.S. gross domestic product report also landed in the camp of the precious metals market bulls. The second estimate of second-quarter GDP was up 2.0%, year-on-year, versus up 2.1% in the initial reading. However, the 2.0% print was right in line with market expectations....Risk appetite suddenly up-ticked overnight when news reports hit the wires that Chinese government officials have indicated they will not retaliate for the latest round of U.S. tariffs imposed on imports from China and said that the two countries remain in communication on the trade dispute matter. This news coming from China may or may not corroborate President Trump's assertion earlier this week that a high-level Chinese trade official contacted the U.S. to restart trade negotiations. Still, there are enough concerns on the geopolitical front to keep the safe-haven metals supported. Civil unrest in Hong Kong, the Brexit matter that will heat up this fall, and slowing global economic growth are all still front-burner issues for traders and investors....Technically, the gold bulls have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,600.00."