iShares Gold Bullion (CAD-Hedged) ETF Forecast

iShares Gold Bullion (CAD-Hedged) ETF downgraded to Hold/Accumulate
(Updated on May 08, 2024)

CGL.TO Signals & Forecast

The iShares Gold Bullion (CAD-Hedged) 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 $18.43 and $18.38. A breakdown below any of these levels will issue sell signals. 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 Monday, May 06, 2024, and so far it has fallen -0.323%. 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 fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for iShares Gold Bullion (CAD-Hedged) ETF

iShares Gold Bullion (CAD-Hedged) finds support from accumulated volume at $18.37 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0 between high and low, or 0%. For the last week the ETF has had daily average volatility of 0.557%

Our recommended stop-loss: $17.69 (-4.40%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (CGL.TO) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect iShares Gold Bullion ETF (CAD-Hedged) to open at $18.50, and during the day (based on 14 day Average True Range), to move between $18.29 and $18.71, which gives a possible trading interval of +/-$0.210 (+/-1.14%) up or down from last closing price. If iShares Gold Bullion ETF (CAD-Hedged) takes out the full calculated possible swing range there will be an estimated 2.27% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $18.37 (0.70%) than the resistance at $18.67 (0.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is iShares Gold Bullion ETF (CAD-Hedged) ETF A Buy?

iShares Gold Bullion (CAD-Hedged) holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: 0.688 Hold/Accumulate Downgraded

Predicted Opening Price for iShares Gold Bullion ETF (CAD-Hedged) of Thursday, May 9, 2024

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