Gogold Resources Inc. Stock Forecast
Gogold Resources Inc. stock price up 3.55% on Thursday
(Updated on May 09, 2024)
The Gogold Resources Inc. stock price gained 3.55% on the last trading day (Thursday, 9th May 2024), rising from $1.41 to $1.46. During the last trading day the stock fluctuated 3.52% from a day low at $1.42 to a day high of $1.47. The price has been going up and down for this period, and there has been a 6.57% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $2.28 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 32.69% during the next 3 months and, with a 90% probability hold a price between $1.76 and $2.23 at the end of this 3-month period.
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GGD.TO Signals & Forecast
The Gogold Resources Inc. stock 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 $1.38 and $1.36. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical 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 Wednesday, April 10, 2024, and so far it has fallen -5.19%. 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).
Support, Risk & Stop-loss for Gogold Resources Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.38 and $1.35. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Gogold Resources Inc. finds support just below today's level at $1.38. If this is broken, then the next support from accumulated volume will be at $1.35 and $1.29.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0500 between high and low, or 3.52%. For the last week, the stock has had daily average volatility of 3.01%.
Our recommended stop-loss: $1.40 (-3.94%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (GGD.TO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Gogold Resources Inc. to open at $1.45, and during the day (based on 14 day Average True Range), to move between $1.39 and $1.53, which gives a possible trading interval of +/-$0.0667 (+/-4.57%) up or down from last closing price. If Gogold Resources Inc. takes out the full calculated possible swing range there will be an estimated 9.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.47 (0.68%) than the support at $1.38 (5.48%), 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 Gogold Resources Inc. stock 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 Gogold Resources Inc. stock to perform well in the short-term.
Current score: 4.659 Buy Candidate Unchanged
Predicted Opening Price for Gogold Resources Inc. of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $1.45 ( 0.685%) | $1.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GGD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.50 | 2.74 % | |
| R2 | 1.48 | 1.43 % | ||
| R1 | 1.47 | 0.623 % | ||
| Current price: | 1.46 | |||
| Support | S1 | 1.43 | -1.99 % | |
| S2 | 1.42 | -2.80 % | ||
| S3 | 1.40 | -4.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.54 | 5.48 % | |
| R2 | 1.49 | 2.05 % | ||
| R1 | 1.47 | 0.685 % | ||
| Current price | 1.46 | |||
| Support | S1 | 1.38 | -5.48% | |
| S2 | 1.35 | -7.53% | ||
| S3 | 1.29 | -11.64% |
FAQ
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