Gold Futures Commodity Forecast
Gold Futures commodity price down 0.661% on Thursday
(Updated on May 02, 2024)
The Gold Futures commodity price fell by -0.661% on the last day (Thursday, 2nd May 2024) from $2,329.00 to $2,313.60. During the last trading day the commodity fluctuated 0.0346% from a day low at $2,312.80 to a day high of $2,313.60. The price has been going up and down for this period, and there has been a -3.87% loss for the last 2 weeks. Volume fell on the last day along with the commodity, which is actually a good sign as volume should follow the commodity. On the last day, the trading volume fell by -184 shares and in total, 91 shares were bought and sold for approximately $210.54 thousand.
The commodity lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2,309.94 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the commodity is expected to rise 20.68% during the next 3 months and, with a 90% probability hold a price between $2,787.65 and $2,975.24 at the end of this 3-month period.
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GCUSD Signals & Forecast
The Gold Futures commodity 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 commodity giving a positive forecast for the stock. On further gains, the commodity will meet resistance from the short-term Moving Average at approximately $2,334.50. On a fall, the commodity will find some support from the long-term average at approximately $2,306.22. 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. 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 Friday, April 19, 2024, and so far it has fallen -3.87%. 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 along with the price during the last trading day, which is technical positive. One should, however, note that this commodity may have low liquidity in periods, which increases the general risk. The commodity had a Golden Star Signal on Wednesday, February 21, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, September 18, 2023.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the commodity in question.
Golden Star
The commodity had a Golden Star Signal on Wednesday, February 21, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, September 18, 2023.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the commodity in question.
Golden Star 12 Months
The commodity had a Golden Star Signal on Wednesday, February 21, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, September 18, 2023.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the commodity in question.
Support, Risk & Stop-loss for Gold Futures commodity
On the downside, the commodity finds support just below today's level from accumulated volume at $2,185.50 and $2,184.70. There is a natural risk involved when a commodity is testing a support level, since if this is broken, the commodity then may fall to the next support level. In this case, Gold Futures finds support just below today's level at $2,185.50. If this is broken, then the next support from accumulated volume will be at $2,184.70 and $2,095.70.
In general the commodity 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 commodity During the last day, the commodity moved $0.800 between high and low, or 0.0346%. For the last week the commodity has had daily average volatility of 0.255%
Our recommended stop-loss: $2,195.29 (-5.11%) (This commodity has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (GCUSD) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Gold Futures to open at $2,313.33, and during the day (based on 14 day Average True Range), to move between $2,289.00 and $2,338.20, which gives a possible trading interval of +/-$24.60 (+/-1.06%) up or down from last closing price. If Gold Futures takes out the full calculated possible swing range there will be an estimated 2.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2,342.50 (1.25%) than the support at $2,185.50 (5.54%), 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 Gold Futures commodity 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 Gold Futures commodity to perform well in the short-term.
Current score: 1.361 Buy Candidate Unchanged
Predicted Opening Price for Gold Futures of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$2,313.33 ( 0.0115%) | $2,313.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GCUSD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2,314.13 | 0.0231 % | |
R2 | 2,313.83 | 0.0098 % | ||
R1 | 2,313.64 | 0.0017 % | ||
Current price: | 2,313.60 | |||
Support | S1 | 2,313.03 | -0.0247 % | |
S2 | 2,312.84 | -0.0329 % | ||
S3 | 2,312.53 | -0.0461 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2,406.70 | 4.02 % | |
R2 | 2,350.90 | 1.61 % | ||
R1 | 2,342.50 | 1.25 % | ||
Current price | 2,313.60 | |||
Support | S1 | 2,185.50 | -5.54% | |
S2 | 2,184.70 | -5.57% | ||
S3 | 2,095.70 | -9.42% |
FAQ
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