iShares Gold Bullion (CAD-Hedged) ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
iShares Gold Bullion (CAD-Hedged) ETF upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)
The iShares Gold Bullion (CAD-Hedged) ETF price gained 1.42% on the last trading day (Friday, 17th May 2024), rising from $18.97 to $19.24. During the last trading day the ETF fluctuated 0.784% from a day low at $19.13 to a day high of $19.28. The price has risen in 6 of the last 10 days and is up by 4.79% 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, 11 thousand more shares were traded than the day before. In total, 21 thousand shares were bought and sold for approximately $400.46 thousand.
The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 16.40% during the next 3 months and, with a 90% probability hold a price between $21.96 and $23.48 at the end of this 3-month period.
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CGL.TO Signals & Forecast
Mostly positive signals in the chart today. 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 $18.89 and $18.66. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 5.31%. 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). iShares Gold Bullion (CAD-Hedged) has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for iShares Gold Bullion (CAD-Hedged) ETF
iShares Gold Bullion (CAD-Hedged) finds support from accumulated volume at $18.71 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 $0.150 between high and low, or 0.784%. For the last week the ETF has had daily average volatility of 0.722%.
Our recommended stop-loss: $18.20 (-5.42%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (CGL.TO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect iShares Gold Bullion ETF (CAD-Hedged) to open at $19.22, and during the day (based on 14 day Average True Range), to move between $19.02 and $19.46, which gives a possible trading interval of +/-$0.219 (+/-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.
With no resistance above and support from accumulated volume @ $18.71, some $0.530 (2.75%) from the current price of $19.24, our system finds the risk reward attractive.
Is iShares Gold Bullion ETF (CAD-Hedged) ETF A Buy?
iShares Gold Bullion (CAD-Hedged) holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 8.857 Strong Buy Candidate Upgraded
Predicted Opening Price for iShares Gold Bullion ETF (CAD-Hedged) of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $19.22 ( 0.121%) | $19.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGL.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.37 | 0.658 % | |
| R2 | 19.31 | 0.361 % | ||
| R1 | 19.27 | 0.177 % | ||
| Current price: | 19.24 | |||
| Support | S1 | 19.16 | -0.419 % | |
| S2 | 19.12 | -0.603 % | ||
| S3 | 19.07 | -0.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 19.24 | |||
| Support | S1 | 18.71 | -2.75% | |
| S2 | 18.67 | -2.96% | ||
| S3 | 17.23 | -10.45% |
FAQ
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