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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Metals prices this morning are higher: GCM6 +4.8 (+0.39%), SIN6 +0.219 (+1.35%), HGN6 +0.013 (+0.62%) at a 2-week high. Wednesday's closes: GCM6 -5.4 (-0.44%), SIN6 +0.007 (+0.04%), HGN6 +0.0350 (+1.69%). Metals on Wednesday settled mixed with Jun gold at a 1-1/2 month low and July copper at a 1-week high. Metals prices were undercut by the rally in the S&P 500 to a 3-week high, which reduced the safe-haven demand for precious metals, and by the recent hawkish Fed commentary that boosted the odds for a near-term rate hike. Metals prices were boosted by a weaker dollar and by signs of improvement in the U.S. housing market and copper demand after the Mar FHFA house price index rose +0.7% m/m, the biggest increase in 6 months.