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Insights into Gold and Silver Stocks: Current Trends on the ASX
Gold and silver stocks are once again making headlines, with gold stocks consistently maintaining their position on the Uptrends Scan List. Silver stocks, however, have seen more fluctuations along with the shifts in silver prices. Recent technical analysis suggests that silver has just breached a twelve-year peak, indicating a robust potential for sustained upward momentum, while gold may be poised for significant gains as well.
In this article, we will delve into the strongest uptrends evident among Australian Securities Exchange (ASX) gold and silver stocks and ETFs, such as ASL, AZY, BC8, BGD, CMM, CRS, EVN, GDX, and GOLD. These uptrending stocks demonstrate a noteworthy demand-side control that further compels investor interest.
Understanding Strong Uptrends
A "strong uptrend" is a reflection of market consensus, where both new investors and existing shareholders demonstrate a high desire to acquire and retain the stock, signifying collective confidence. This consensus fabricates an environment favourable for trend followers in the market.
Adopting a mindset receptive to consensus has proven transformative. Many investors once hesitated to engage with soaring stocks, perceiving them as overpriced. This mindset shift came with the realisation that such stocks represent the shared ambition of investors who are eager to hold or acquire shares, igniting a need to align with market sentiment rather than resist it.
Your Guide to ASX Opportunities
I aim to streamline your search for premier ASX stocks through technical analysis. Feel free to employ alternate analysis methods; the content in this report is designed to illuminate the best investment opportunities for your portfolio.
Welcome to the ChartWatch Daily ASX Scans series. Here, I showcase curated lists derived from my technical analysis approach, highlighting the best-performing uptrends and downtrends on the ASX.
Investors often seek to capitalise on stocks exhibiting strong upward trends, while they may choose to avoid, sell, or short stocks within pronounced downtrends. How you utilise the lists is entirely your decision. It’s essential to conduct personal research as recurring stocks in these lists may change, and you’ll need to track when trends alter.
Today’s Uptrends Scan List
| Highlighted Companies with Precious Metal Exposure: | Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|---|
| Alkane Resources | ALK | $1.125 | +60.7% | +167.9% | |
| Andean Silver | ASL | $1.610 | +30.9% | +106.4% | |
| Ausgold | AUC | $0.910 | +67.0% | +149.3% | |
| Antipa Minerals | AZY | $0.650 | +25.0% | +441.7% | |
| Barton Gold | BGD | $0.950 | +38.7% | +287.8% | |
| Capricorn Metals | CMM | $11.43 | +29.6% | +91.8% | |
| Evolution Mining | EVN | $9.10 | +29.1% | +112.1% | |
| Mithril Resources | MTH | $0.715 | +41.6% | +429.6% |
The stocks displaying the most significant signs of excess demand are as follows:
- Alkane Resources (ASX: ALK)
- Andean Silver (ASX: ASL)
- Evolution Mining (ASX: EVN)
- Capricorn Metals (ASX: CMM)
Today’s Downtrends Scan List
| Highlighted Companies in Downtrends: | Company | Code | Last Price | 1mo % | 1yr % |
|---|---|---|---|---|---|
| Audinate Group | AD8 | $4.57 | -26.9% | -53.4% | |
| Amcor | AMC | $13.11 | -10.5% | -20.7% | |
| Avita Medical | AVH | $1.335 | -21.5% | -49.8% | |
| Domino’s Pizza Enterprises | DMP | $14.63 | -19.8% | -50.6% | |
| CSL | CSL | $210.27 | -20.4% | -31.7% | |
| G8 Education | GEM | $0.835 | -8.7% | -33.2% |
Stocks with pronounced excess supply from the Downtrends List include:
- Audinate Group (ASX: AD8)
- Domino’s Pizza Enterprises (ASX: DMP)
- CSL (ASX: CSL)
Important Considerations
- The future of stock trends is uncertain and can change rapidly.
- This report’s lists are curated and may not capture all relevant stocks, so periodic reviews may be necessary.
- This analysis serves as a guide, not as investment advice. Always conduct your independent research.
By staying informed and adopting a strategic approach, you can navigate the dynamic landscape of gold and silver investments effectively.
