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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 trading higher on continued concern about Russia and the Ukrainian situation while copper is lower on economic concerns: Aug gold +6.0 (+0.46%), Sep silver +0.139 (+0.67%), and Sep copper -0.006 (-0.17%). Metals prices on Friday closed lower with Sep copper at a 2-week low: GCQ4 -7.5 (-0.57), SIU4 -0.248 (-1.17%), HGU4 -0.0360 (-1.12%). Bearish factors included (1) reduced safe-haven demand after stocks rallied sharply, and (2) Chinese copper demand concerns after China June home prices fell in a record number of cities and after weekly Shanghai copper inventories surged +24,398 MT to a 3-month high of 108,851 MT.