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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.
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 prices this morning are mixed: GCG5 +6.5 (+0.54%), SIH5 +0.148 (+0.94%), HGH5 -0.027 (-0.93%) at a 2-week low. Metals prices on Tuesday closed lower with Feb gold at a 1-week low and Mar silver and Mar copper at 2-week lows. Closes: GCG5 -13.4 (-1.11%), SIH5 -0.848 (-5.12%), HGH5 -0.0200 (-0.69%). Bearish factors included (1) speculation that Russia may sell some of its gold stockpiles in order to raise cash reserves it has depleted in trying to stop the plunge in the ruble, and (2) concern about Chinese copper demand after the China Dec HSBC manufacturing PMI contracted at its slowest pace in 7 months.