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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.
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 this morning are mixed: GCZ4 -2.5 (-0.21%), SIZ4 -0.037 (-0.22%), HGZ4 +0.017 (+0.57%). Metals prices on Tuesday closed lower with Dec gold at a 9-month low and Dec silver at a 4-1/2 year low. Bearish factors included (1) the rally in the dollar index to a 4-1/4 year high, (2) reduced demand for gold as an inflation hedge after Eurozone Sep CPI eased to a 4-3/4 year low of +0.3% y/y, and (3) copper demand concerns in China after the China Sep HSBC manufacturing PMI was revised lower. Closes: GCZ4 -7.2 (-0.59%), SIZ4 -0.510 (-2.90%), HGZ4 -0.0490 (-1.60).