Perth Mint Physical Gold ETF Forecast
Weaker technical forecast for Perth Mint Physical Gold as ETF downgraded to Hold/Accumulate.
(Updated on Jun 27, 2024)
The Perth Mint Physical Gold ETF price gained 1.12% on the last trading day (Thursday, 27th Jun 2024), rising from $22.75 to $23.00. During the last trading day the ETF fluctuated 0.462% from a day low at $22.95 to a day high of $23.05. The price has been going up and down for this period, and there has been a 0.13% gain for the last 2 weeks. Volume fell on the last day by -7 thousand shares and in total, 1 million shares were bought and sold for approximately $33.65 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Perth Mint Physical Gold ETF with a 90% probability to be traded between $22.79 and $24.20 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AAAU Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 07, 2024, and so far it has risen 1.59%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Perth Mint Physical Gold ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $23.02 and $23.19. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Perth Mint Physical Gold ETF
Perth Mint Physical Gold finds support from accumulated volume at $22.95 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 stock. During the last day, the ETF moved $0.106 between high and low, or 0.462%. For the last week the ETF has had daily average volatility of 0.675%.
Our recommended stop-loss: $21.75 (-5.45%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (AAAU) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Perth Mint Physical Gold ETF to open at $23.00, and during the day (based on 14 day Average True Range), to move between $22.72 and $23.28, which gives a possible trading interval of +/-$0.281 (+/-1.22%) up or down from last closing price. If Perth Mint Physical Gold ETF takes out the full calculated possible swing range there will be an estimated 2.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $22.95 (0.22%) than the resistance at $23.07 (0.28%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Perth Mint Physical Gold ETF ETF A Buy?
Perth Mint Physical Gold holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.
Current score: 0.878 Hold/Accumulate Downgraded
Predicted Opening Price for Perth Mint Physical Gold ETF of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $23.00 ( 0.0057%) | $23.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AAAU
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.10 | 0.456% |
| R2 | 23.06 | 0.279% |
| R1 | 23.04 | 0.171% |
| Price | 23.00 | |
| S1 | 22.96 | -0.182% |
| S2 | 22.93 | -0.291% |
| S3 | 22.89 | -0.467% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.56 | 2.43% |
| R2 | 23.08 | 0.326% |
| R1 | 23.07 | 0.283% |
| Price | 23.00 | |
| S1 | 22.95 | -0.217% |
| S2 | 22.63 | -1.63% |
| S3 | 22.55 | -1.96% |
FAQ
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