GraniteShares Gold Trust ETF Forecast

GraniteShares Gold Trust ETF price ended at $22.75 on Friday, after losing 0.0439%.
(Updated on May 03, 2024)

BAR Signals & Forecast

A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -3.64%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The GraniteShares Gold Trust ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $22.89. On a fall, the ETF will find some support from the long-term average at approximately $22.60. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.

Support, Risk & Stop-loss for GraniteShares Gold Trust ETF

GraniteShares Gold Trust finds support from accumulated volume at $22.58 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 $0.248 between high and low, or 1.10%. For the last week the ETF has had daily average volatility of 1.06%.

Our recommended stop-loss: $21.86 (-3.91%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)

Trading Expectations (BAR) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect GraniteShares Gold Trust to open at $22.67, and during the day (based on 14 day Average True Range), to move between $22.44 and $23.06, which gives a possible trading interval of +/-$0.308 (+/-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 2.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $22.58 (0.75%) than the resistance at $23.02 (1.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is GraniteShares Gold Trust ETF A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 1.911 Buy Candidate Unchanged

Predicted Opening Price for GraniteShares Gold Trust of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.