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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 weaker: GCZ4 -15.0 (-1.25%) at a 1-week low, SIZ4 -0.533 (-3.22%) at a 1-week low, HGZ4 -0.049 (-1.64%) at a 4-1/3 year low. Metals prices on Wednesday settled mixed. Closes: GCZ4 -0.5 (-0.04%), SIZ4 -0.088 (-0.53%), HGZ4 +0.0030 (+0.10%). The main supportive was the weaker dollar. Bearish factors included (1) the bigger-than-expected drop in the Nov Chicago PMI, and (2) the unexpected decline in U.S. Oct durable goods orders ex-transportation.