Gold (Cash Index): The cash index (GCY00) extended its major (long-term) uptrend to a high of $2,449.34 before closing May at $2,377.82. While still a new all-time high monthly settlement, it was well off the monthly high keeping the door open to possible selling. The market remains overbought with monthly stochastics holding above 80%. Theoretical Positions: It’s possible investment traders bought near the October 2023 close of $1,983.91 as previous short positions were stopped out.
Silver (Cash Index): The cash index (SIY00) extended its major uptrend to a high of $32.3678 during May before closing at $30.4075. The latter was a new all-time high monthly close. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was posted during April.
Copper (Cash Index): The cash index (HGY00) extended its major uptrend to a high of $5.1225 during May before closing at $4.6150. While still settling higher for the month it was well off the monthly high, opening the door to possible selling during June .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.
