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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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Precious metals prices this morning are weaker: GCZ4 -12.8 (-0.99%) at a 2-month low, SIU4 -0.117 (-0.60%) at a 2-1/4 month low, HGU4 -0.025 (-0.79%). Metals prices on Wednesday settled mixed with Dec gold at a 2-week low ad Sep copper at a 1-week high. Gold prices slipped on bearish factors that included (1) the rally in the dollar index to an 11-1/4 month high, and (2) reduced safe-haven demand for precious metals after the S&P 500 rallied up to a 3-week high. Copper rose after data from the World Bureau of Metal Statistics showed the global copper market was in deficit by 296,000 MT from Jan-Jun. Closes: GCZ4 -1.6 (-0.12%), SIU4 +0.085 (+0.44%), HGU4 +0.885 (+2.87%).