Gold (Cash Index): The cash index (GCY00) remains in a major (long-term) uptrend despite a lower monthly close for November. The Index settled at 2,650.63, down $93.34 for the month after falling to a low of $2,541.42. Gold has not completed a major bearish reversal as of the end of November. Theoretical Positions: It’s possible investment traders bought near the October 2023 close of $1,983.91 as previous short positions were stopped out. Sell stops would be placed below the previous 4-month low of $2,369.10 (August 2024).
Silver (Cash Index): The cash index (SIY00) remains in a major uptrend, again despite the lower November settlement. The index finished the month at $30.62, down $2.0432 after hitting a low of $27.7424. As with the gold index, silver has not completed a major bearish reversal as of the end of November. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was posted during April. If still holding longs, the previous 4-month low is down at $26.5293 (August 2024).
Copper (Cash Index): The index closed October at $4.0820, down $0.2345 for the month. Depending on how one views the long-term monthly chart, the argument could be made copper is in a major 3-wave downtrend. If so, it would be expected to take out the Wave A (first wave) low of $3.9280 from August 2024. Theoretical Positions: It’s possible traders are staying on the sidelines for now. If short, as part of the major 3-wave downtrend discussion, buy stops would be above the Wave B (second wave) high of $4.5930 from October 2024.
