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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 planning 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 mixed: GCZ5 -7.0 (-0.63%) at a 2-week low, SIZ5 -0.091 (-0.63%) at a 2-week low, HGZ5 +0.012 (+0.50%). Metals on Thursday closed lower with Dec gold and silver at 2-week lows: GCZ5 -1.5 (-0.13%), SIZ5 -0.007 (-0.05%), HGZ5 +0.0365 (-1.56%). Bearish factors included (1) speculation that Friday's U.S. Sep non-farm payrolls will be strong enough to prompt a Fed rate hike this year, and (2) weakness in copper after Dec copper fell back from a 1-week high and closed lower when the weaker-than-expected Sep ISM manufacturing raised concern over U.S. industrial metals demand. Losses in metals were limited after the dollar weakened.