GoGold Resources Inc. Stock Forecast
GoGold Resources Inc. stock upgraded from Hold/Accumulate to Strong Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The GoGold Resources Inc. stock price gained 1.67% on the last trading day (Friday, 17th May 2024), rising from $1.20 to $1.22. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.50% from a day low at $1.22 to a day high of $1.31. The price has risen in 8 of the last 10 days and is up by 26.42% 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, 93 thousand more shares were traded than the day before. In total, 231 thousand shares were bought and sold for approximately $281.91 thousand.
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 40.21% during the next 3 months and, with a 90% probability hold a price between $1.44 and $1.81 at the end of this 3-month period.
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GLGDF Signals & Forecast
Mostly positive signals in the chart today. 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 $1.15 and $1.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 26.42%. 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). GoGold Resources Inc. 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. The stock had a Golden Star Signal on Thursday, January 25, 2024 in the long-term chart.
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 stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Thursday, January 25, 2024 in the long-term chart.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 stock in question.
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 $1.09 and $1.04. 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 $1.09. If this is broken, then the next support from accumulated volume will be at $1.04 and $1.02.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0914 between high and low, or 7.50%. For the last week, the stock has had daily average volatility of 4.60%.
Our recommended stop-loss: $1.18 (-3.48%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (GLGDF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect GoGold Resources Inc. to open at $1.25, and during the day (based on 14 day Average True Range), to move between $1.16 and $1.28, which gives a possible trading interval of +/-$0.0573 (+/-4.70%) up or down from last closing price. If GoGold Resources Inc. takes out the full calculated possible swing range there will be an estimated 9.40% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1.09, some $0.135 (11.07%) from the current price of $1.22, our system finds the risk reward attractive.
Is GoGold Resources Inc. stock A Buy?
GoGold Resources Inc. 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 stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 6.866 Strong Buy Candidate Upgraded
Predicted Opening Price for GoGold Resources Inc. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $1.25 ( 2.42%) | $1.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GLGDF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.34 | 9.91 % | |
| R2 | 1.31 | 7.05 % | ||
| R1 | 1.28 | 5.28 % | ||
| Current price: | 1.22 | |||
| Support | S1 | 1.21 | -0.440 % | |
| S2 | 1.19 | -2.21 % | ||
| S3 | 1.16 | -5.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1.22 | |||
| Support | S1 | 1.09 | -11.07% | |
| S2 | 1.04 | -14.76% | ||
| S3 | 1.02 | -16.40% |
FAQ
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