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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Metals this morning are mixed. GCZ6 -2.9 (-0.22%) at a fresh 4-week low, SIU6 -0.051 (-0.27%) at a 1-3/4 month low, HGU6 +0.005 (+0.24%). Wednesday's closes: GCZ6 -16.4 (-1.22%), SIU6 -0.366 (-1.93%), HGU6 -0.0385 (-1.82%). Metals on Wednesday closed lower with Dec gold at a 4-week low, Sep silver at a 1-3/4 month low, and Sep copper at a 2-month low. Metals prices were undercut by a stronger dollar, the +14,635 MT increase in LME copper inventories to a 9-month high of 254,700 MT, and fund liquidation of long gold positions ahead of Friday's Jackson Hole speech by Fed Chair Yellen where she may provide clues as to the timing of the next Fed rate hike.