Gold (Cash Index): The cash index (GCY00) continued to consolidate during June but remains in a major (long-term) uptrend. The Index closed at $3,303.08, up $12.85 for the month. Theoretical Positions: It’s possible investment traders bought near the October 2023 close of $1,983.91 as previous short positions were stopped out. There have been numerous buys, mostly on new 4-month highs, since the key bullish reversal completed during November 2022. For those arguing gold has reached a technical top: The market is not a technical trade at this point but rather a fundamental safe-haven market against increased global uncertainty.
Silver (Cash Index): The cash index (SIY00) extended its major uptrend to a high of $37.2844 during June before closing at $36.0974, up $3.1145 for the month. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was posted during April 2024. If so, sell stops might’ve been triggered below the previous 4-month low of $28.7926 during April 2025, resulting in a gain of $3.02353 (11.7%). New buy orders might’ve been triggered above the previous 4-month high of $34.5382 during June.
Copper (Cash Index): The Index consolidated during June before closing at $5.0370, up 38.2 cents for the month. Theoretical Positions: New longs might’ve been established as the index took out its previous 4-month high of $4.5930 (October 2024). Additional longs might’ve been established beyond the previous all-time high. If so, the average position would be roughly $4.8580. Sell stops would be below the previous 4-month low at $4.1150 (April 2025).
