Gold (Cash Index): The cash index (GCY00) consolidated during May but remains in a major (long-term) uptrend. The Index closed at $3,290.23, up $1.02 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. Sell stops would be placed below the previous 4-month low of $2,773.33 (February 2025).
Silver (Cash Index): The cash index (SIY00) remains a difficult read, from a technical point of view. The Index consolidated during May before closing at $32.9828, up $0.3677 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%).
Copper (Cash Index): The Index consolidated during May before closing at $4.6550, up 9.05 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).
