Gold (Cash Index): The cash index (GCY00) extended its major (long-term) uptrend to a new all-time high of $3,124.93 before closing February at $3,123.96, up $265.48 for the month. Given the current state of the US administration, global market and political uncertainty will continue, providing support to Gold as a safe-haven market. 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. Sell stops would be placed below the previous 4-month low of $2,585.51 (Deember 2024)
Silver (Cash Index): The cash index (SIY00) remains in a major uptrend. The Index finished March at $34.0853, down $2.9269 for the month. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was posted during April 2024. Additional orders may be sitting above the previous all-time high of $34.8506 from October 2024.
Copper (Cash Index): The Index rallied to a new all-time high of $5.2095 during March before closing the month at $5.1295, up $0.6115. 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 $3.9820 (December 2024).
