All Star Charts Gold Rush Articles

From the Desk of Ian Culley @IanCulley

Precious Metals are back on track, with Gold leading the way.

Gold bugs closed out last week with another strong showing, absorbing overhead supply at a critical level – the former 2011 highs.

With momentum on their side, let’s see how precious metal bulls are faring in other areas of the world.

When we look at Gold valued in other major currencies, it’s already reaching new all-time highs!

Check out Gold priced in euro:

It reclaimed the 2011 highs during the covid sell-off, much like Gold priced in USD. The main difference: Gold has remained more resilient, valued in euro, finishing last Friday at a new all-time weekly closing high.  

It’s a similar picture priced in British pounds:

A big base breakout in early 2020, followed by retests in the spring and summer of 2021, has led to new all-time highs.

The next secular bull run in Gold is well underway in Europe.

But what about the Japanese yen?

You guessed it – gold is also printing fresh all-time highs priced in yen…

No surprise! But you get the point. 

It’s the...

From the Desk of Ian Culley @IanCulley

Strength begets strength.

Buyers taking control of a market heading into the weekend exude confidence. That describes gold bulls last Friday as they drove prices higher into the close.

To no surprise, Gold kicked off the new week gapping higher and rallying more than 2.5%. We call this bullish follow-through. 

So what’s next for precious metals?

From the Desk of Ian Culley @IanCulley

Strength begets strength.

Buyers taking control of a market heading into the weekend exude confidence. That describes gold bulls last Friday as they drove prices higher into the close.

To no surprise, Gold kicked off the new week gapping higher and rallying more than 2.5%. We call this bullish follow-through. 

So what’s next for precious metals?

Most likely… More strength!

Check out the daily chart of Gold, highlighting last Friday’s candle in addition to that of the Friday, Nov. 4th session:

Both these candlestick formations are a visual representation of buyers’ willingness to take home additional risk over the weekend.

A sustained rally into an overwhelming amount of supply marked by the 2011 highs followed the bullish candle from Nov. 4th. 

Based on today’s action, Gold appears to be kicking off another leg higher… In fact, short-term momentum for Gold – measured by the short-term rate of change, has not been this high in almost three years. 

Here’s a look at Gold futures with the 2-day ROC, showing the highest reading since early 2020. This...

Silver is clawing its way back after breaking down from a month-long consolidation and undercutting a critical shelf of former lows.

As we talked about last week, it all comes down to risk appetite. Silver bid speaks to a healthy risk-seeking environment favoring all precious metals.

And that's what we saw last week...

From the Desk of Ian Culley @IanCulley

Just a week ago, we captured the entire precious metals space in a single sentence: 

"Nothing bullish is happening for precious metals, while silver slides below multi-year support."

Is it really that simple?

Let’s take a look at an interesting development in precious metals that might change our minds…

From the Desk of Ian Culley @IanCulley

Just a week ago, we captured the entire precious metals space in a single sentence: 

“Nothing bullish is happening for precious metals, while silver slides below multi-year support.”

Is it really that simple?

Let’s take a look at an interesting development in precious metals that might change our minds…

Silver futures stopped falling.

Check out the daily chart below:

Silver is clawing its way back to the scene of the crime after breaking down from a month-long consolidation and undercutting a critical shelf of former lows.

For me, trading back above 21.50 represents a green light – not only for silver but the entire precious metals space.

As I stated last week, it all comes down to risk appetite. Silver bid speaks to a healthy risk-seeking environment favoring all precious metals.

On the flip side, a lack of enthusiasm for the higher-beta play (silver) reminds me that no position is perhaps the best position.

I can’t help but view last week’s action as constructive. Bulls needed to step and support price fast, and they did.

Yes, silver continues to...

Silver futures slide to multi-month lows, undercutting a critical shelf of former support.

Regardless, we believe precious metals and their related stocks ultimately resolve higher, printing fresh all-time highs.

But before we can put money behind this bullish thesis, interest rates and the US dollar need to stop rising.

Check it out:

From the Desk of Ian Culley @IanCulley

Silver futures have undercut a critical shelf of former lows.

I find it difficult to hold a bullish bias for precious metals and mining stocks, at least from a tactical perspective.

And when I zoom out to longer time frames, overhead supply looms large across the entire space.

Understand, I believe precious metals and their related stocks ultimately resolve higher, printing fresh all-time highs. 

But before we can put money behind this bullish thesis, these next three charts need to throw it in reverse…

From the Desk of Ian Culley @IanCulley

Silver futures have undercut a critical shelf of former lows.

I find it difficult to hold a bullish bias for precious metals and mining stocks, at least from a tactical perspective.

And when I zoom out to longer time frames, overhead supply looms large across the entire space.

Understand, I believe precious metals and their related stocks ultimately resolve higher, printing fresh all-time highs. 

But before we can put money behind this bullish thesis, these next three charts need to throw it in reverse…

First, here’s the daily chart of silver:

Nothing bullish is happening for precious metals, while silver slides below multi-year support.

Last Friday’s breakdown and oversold momentum reading represent red flags. 

Precious metals demand caution as long as silver holds below 21.40.

Why?

For starters, a breakdown in silver indicates dwindling demand.

We want to witness the entire space participate. Gold’s not going to post new all-time highs all on its lonesome.

Broad participation from silver, platinum, and mining stocks is key.

Silver...

The stage is set for an epic rally. The catalysts are in place.

Yet messy conditions persist as we await ignition and blast off.

Regardless, we can use the current environment to find the most buoyant and promising names.

Check it out...

From the Desk of Ian Culley @IanCulley

With the dollar beginning to rise, gold and silver are coming under some selling pressure.

Nevertheless, these shiny rocks and their related mining stocks are hanging tough.

Instead of getting bent out of shape, I plan on using the recent bout of selling as an opportunity.

When markets come under pressure, it’s time to identify the most resilient names. 

Why? 

The strongest stocks will likely lead the next leg higher.

Some call it the “beachball” effect. These names tend to rip higher after sellers fail to submerge these stocks.

And I have a potential beachball of a gold mining stock I want to share with you today…

From the Desk of Ian Culley @IanCulley

With the dollar beginning to rise, gold and silver are coming under some selling pressure.

Nevertheless, these shiny rocks and their related mining stocks are hanging tough.

Instead of getting bent out of shape, I plan on using the recent bout of selling as an opportunity.

When markets come under pressure, it’s time to identify the most resilient names. 

Why? 

The strongest stocks will likely lead the next leg higher.

Some call it the “beachball” effect. These names tend to rip higher after sellers fail to submerge these stocks.

And I have a potential beachball of a gold mining stock I want to share with you today…

First, it’s a range-bound mess for gold, silver, and platinum futures.

Here’s a look at an equal-weight index of those three metals:

The index currently is turning lower, retesting the lower bounds of a multi-year range.

As long as it remains within “the box,” I have to give precious metals the benefit of the doubt.

And as long as it remains messy, I want to continue to lean on the strongest names out there – on absolute and...