Gold (Cash Index): The cash index (GCY00) extended its major (long-term) uptrend to a high of $2,232.75 before closing March at that mark. The market is sharply overbought, but this isn’t slowing investor buying interest. 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 below the previous 4-month low of $1,973.95 (December 2023).
Silver (Cash Index): The cash index (SIY00) remains in a major sideways trend between its 4-month high of $25.769 (December 2023) and 4-month low of $21.9487 (February 2024). Since September 2022 there have been a number of bullish and bearish reversal patterns completed. Theoretical Positions: Investment traders are likely on the sidelines at this time, waiting for a breakout.
Copper (Cash Index): The cash index (HGY00) has reestablished a major uptrend with the move to a new 4-month high during March. Theoretical Positions: It’s possible investment traders bought as the new 4-month high was posted during December, and again as the contract took out its 4-month high of $3.9410 during March. If so, the average long position would be near $3.9180. Sell stops would be placed below the 4-month low of $3.6870 (February 2024).
