iShares Gold Trust ETF downgraded from Buy Candidate to Sell Candidate after Wednesday trading session

The iShares Gold Trust ETF price fell by -3.03% on the last day (Wednesday, 6th Nov 2024) from $51.81 to $50.24. During the last trading day the ETF fluctuated 0.97% from a day low at $50.08 to a day high of $50.57. The price has risen in 6 of the last 10 days but is still down by -2.06% for this period. Volume has increased on the last day by 9 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 11 million shares were bought and sold for approximately $547.39 million.

Given the current short-term trend, the ETF is expected to rise 13.31% during the next 3 months and, with a 90% probability hold a price between $56.92 and $60.21 at the end of this 3-month period.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The iShares Gold Trust ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the ETF. On corrections up, there will be some resistance from the lines at $51.74 and $50.67. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, October 30, 2024, and so far it has fallen -4.59%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

iShares Gold Trust finds support from accumulated volume at $50.22 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this ETF. During the last day, the ETF moved $0.485 between high and low, or 0.97%. For the last week the ETF has had daily average volatility of 0.88%.

The iShares Gold Trust ETF holds several negative signals and despite the positive trend, we believe iShares Gold Trust will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Sell candidate.