GraniteShares Gold Trust ETF Forecast
Green day on Friday for GraniteShares Gold Trust ETF after gaining 0.297%
(Updated on Apr 19, 2024)
The GraniteShares Gold Trust ETF price gained 0.297% on the last trading day (Friday, 19th Apr 2024), rising from $23.53 to $23.60. During the last trading day the ETF fluctuated 1.02% from a day low at $23.50 to a day high of $23.74. The price has risen in 7 of the last 10 days and is up by 2.74% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 233 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $30.94 million.
The ETF lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $23.80 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 20.10% during the next 3 months and, with a 90% probability hold a price between $26.92 and $28.59 at the end of this 3-month period.
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BAR Signals & Forecast
The GraniteShares Gold Trust ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $23.48 and $22.12. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -0.0424%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for GraniteShares Gold Trust ETF
GraniteShares Gold Trust finds support from accumulated volume at $23.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.240 between high and low, or 1.02%. For the last week, the ETF has had daily average volatility of 1.53%.
Our recommended stop-loss: $22.76 (-3.55%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (BAR) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect GraniteShares Gold Trust to open at $23.61, and during the day (based on 14 day Average True Range), to move between $23.28 and $23.92, which gives a possible trading interval of +/-$0.322 (+/-1.36%) up or down from last closing price. If GraniteShares Gold Trust takes out the full calculated possible swing range there will be an estimated 2.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $23.61 (0.04%) than the support at $23.15 (1.91%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is GraniteShares Gold Trust ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for GraniteShares Gold Trust ETF to perform well in the short-term.
Current score: 2.140 Buy Candidate Unchanged
Predicted Opening Price for GraniteShares Gold Trust of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $23.61 ( 0.0565%) | $23.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BAR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.85 | 1.07 % | |
| R2 | 23.76 | 0.685 % | ||
| R1 | 23.71 | 0.445 % | ||
| Current price: | 23.60 | |||
| Support | S1 | 23.52 | -0.332 % | |
| S2 | 23.47 | -0.572 % | ||
| S3 | 23.37 | -0.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 23.61 | 0.0424 % | ||
| Current price | 23.60 | |||
| Support | S1 | 23.15 | -1.91% | |
| S2 | 20.13 | -14.70% | ||
| S3 | 20.01 | -15.21% |
FAQ
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