Futures Traders: Get FREE daily videos covering today's hottest market
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.
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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Precious metals prices are higher on some flight-to-quality and short-covering with Aug gold up +10.8 (+0.99%) and Sep silver up +0.107 (+0.74%). However, Sep copper is down -0.025 (-1.03%) on concern about the Chinese economy. Friday's closes: GCQ5 -8.6 (-0.79%), SIN5 -0.213 (-1.45%), HGN5 -0.0030 (-0.13%). Precious metals prices on Friday closed lower with Aug gold at a 5-1/2 year, Sep silver at a 7-1/2 month low and Sep copper at a 6-year low. Precious metals were pressured by dollar strength and continued gold selling as long gold positions in ETFs fell to a 6-1/3 year low Thursday. Copper prices were pressured by the decline in the Chinese manufacturing PMI to a 15-month low but recovered from their worst levels after weekly Shanghai copper inventories fell -7,750 MT to a 7-month low of 101,251 MT.