Franklin Responsibly Sourced Gold Etf ETF Forecast
Evaluation of Franklin Responsibly Sourced Gold Etf ETF downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Franklin Responsibly Sourced Gold Etf ETF price fell by -0.154% on the last day (Friday, 28th Jun 2024) from $31.05 to $31.00. During the last trading day the ETF fluctuated 0.645% from a day low at $31.00 to a day high of $31.20. The price has been going up and down for this period, and there has been a 0.88% gain for the last 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -5 thousand shares and in total, 5 thousand shares were bought and sold for approximately $149.61 thousand.
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 Franklin Responsibly Sourced Gold Etf ETF with a 90% probability to be traded between $30.65 and $32.43 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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FGDL Signals & Forecast
There are mixed signals in the ETF today. The Franklin Responsibly Sourced Gold Etf 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 $31.04 and $31.29. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Friday, June 07, 2024, and so far it has risen 1.01%. 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).
A buy signal from a double bottom formation was found on Friday, June 07, 2024 and based on theory for this formation the price should go up by 8.83% to $33.74 within 26 trading days since signal was issued (Wednesday, July 17, 2024).
Support, Risk & Stop-loss for Franklin Responsibly Sourced Gold Etf ETF
Franklin Responsibly Sourced Gold Etf finds support from accumulated volume at $30.95 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 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 $0.200 between high and low, or 0.645%. For the last week the ETF has had daily average volatility of 0.651%
Our recommended stop-loss: $29.20 (-5.80%) (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 (FGDL) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Franklin Responsibly Sourced Gold Etf to open at $31.07, and during the day (based on 14 day Average True Range), to move between $30.66 and $31.35, which gives a possible trading interval of +/-$0.345 (+/-1.11%) up or down from last closing price. If Franklin Responsibly Sourced Gold Etf takes out the full calculated possible swing range there will be an estimated 2.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $30.95 (0.15%) than the resistance at $31.11 (0.35%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Franklin Responsibly Sourced Gold Etf ETF A Buy?
Franklin Responsibly Sourced Gold Etf 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: 0.638 Hold/Accumulate Downgraded
Predicted Opening Price for Franklin Responsibly Sourced Gold Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $31.07 ( 0.215%) | $31.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FGDL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.27 | 0.86% |
| R2 | 31.19 | 0.613% |
| R1 | 31.14 | 0.461% |
| Price | 31.00 | |
| S1 | 30.99 | -0.0314% |
| S2 | 30.94 | -0.184% |
| S3 | 30.87 | -0.430% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.39 | 1.26% |
| R2 | 31.11 | 0.355% |
| R1 | 31.11 | 0.346% |
| Price | 31.00 | |
| S1 | 30.95 | -0.154% |
| S2 | 30.70 | -0.97% |
| S3 | 30.68 | -1.03% |
FAQ
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