Gold (Cash Index): The cash index (GCY00) extended its major (long-term) uptrend to a high of $2,427.00 before closing April at $2,286.07. The market remains sharply overbought, a factor that could eventually weigh on gold. 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 $1,986.16 (February 2024).
Silver (Cash Index): The cash index (SIY00) moved into a major uptrend during April as it took out its previous 4-month high of $25.769 (December 2023). The index hit a high of $29.6442 before closing at $26.2887, up $1.3531 for the month. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was hit. If so, sell stops would be below the previous 4-month low of $21.9487.
Copper (Cash Index): The cash index (HGY00) extended its major uptrend to a high of $4.6725 before closing at $4.5670, up $0.5755 for the month. 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. Additional longs may have been added during April as the index hit another new 4-month high beyond $4.1195. If so, the average position would be near $3.9850. Sell stops would be placed below the 4-month low of $3.6870 (February 2024).
