Gold (Cash Index): Gold’s Cash Index looks to have confirmed a major (long-term) downtrend at the end of March, before consolidating during April and again during May. While investment traders continue to sell, central banks from around the world continue to buy, providing support to the cash market. Theoretical Positions: Investors would’ve shorted the market at the March close of $4,677 based on the completion of a bearish outside month. The Index closed May at 4,540.33.
Silver (Cash Index): Similar to gold, it’s possible the Cash Silver Index confirmed a major downtrend at the end of March. Theoretical Positions: Investors might’ve sold the market near the March settlement of $75.13 based on the completion of a bearish outside month. The Index closed May at 75.2837.
Copper (Cash Index): The copper Index extended its major uptrend to a high of $6.6030 during May before settling at $6.5390, up 41.4 cents (7.0%) for the month. Monthly stochastics continue to indicate the Index is overbought long-term. Theoretical Positions: Investors may have established long positions a number of times over the past few years. Sell stop would be below the March 2026 low of $5.3295.
Palladium (Spot futures): Despite the continued selloff during May, the market remains in a major uptrend. Support for the spot futures contract is near $1,345.70. The spot-month contract closed the month at $1,395.60. Theoretical Positions: Investors may have established long positions a number of times since the May 2024 low monthly close of $899.20.
Platinum (Spot futures): The market looks to be in a major downtrend. Next support is down at $1,777.60. Theoretical Positions: Investors may have established long positions a number of times since the June 2025 breakout monthly close of $1,334.00. These positions might’ve been stopped out and gone short at the May settlement of $1,911.10.
