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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 planking 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.
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Metals prices this morning are trading mixed: GCZ4 -5.7 (-0.46%), SIZ4 -0.179 (-1.02%), HGZ4 +0.010 (+0.33%). Metals prices on Tuesday closed higher with Dec gold at a 1-1/4 month high. Closes: GCZ4 +7.0 (+0.56%), SIZ4 +0.195 (+1.12%), HGZ4 +0.0400 (+1.34%). Bullish factors included (1) short-covering in gold on speculation that uneven growth in the global economy will prompt the Fed to maintain record-low interest rates, (2) the faster-than-expected pace of growth in China Q3 GDP, and (3) the larger-than-expected increase in U.S. Sep existing home sales, which is supportive for copper demand and consumption.