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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 mixed: GCM5 +4.5 (+0.38%), SIK5 +0.151 (+0.95%), HGK5 -0.013 (-0.46%). Metals prices on Monday closed lower with May silver at a 1-month low: GCM5 -9.4 (-0.78%), SIK5 -0.289 (-1.78%), HGK5 -0.0415 (-1.50%). Bearish factors included (1) the rally in stocks and in the dollar, which reduced safe-haven demand for precious metals, and (2) the +4,675 MT increase in LME copper inventories to a 3-week high of 341,275 MT, a sign of slack demand and ample supplies.