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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 -26.1 (-2.18%) at a 4-1/4 year low, SIZ4 -0.380 (-2.31%) at a 4-1/2 year low, HGZ4 +0.019 (+0.60%). Metals prices on Thursday closed sharply lower with Dec gold at a 3-week low and Dec silver at a 4-1/2 year low. Closes: GCZ4 -25.6 (-2.09%), SIZ4 -0.824 (-4.77%), HGZ4 -0.0450 (-1.45%). Bearish factors included (1) the rally in the dollar index to a 3-week high and (2) the stronger-than-expected U.S. Q3 GDP, which may prompt the Fed into raising interest rates sooner than expected.