Wisdomtree Physical Gold ETF Forecast
Evaluation of Wisdomtree Physical Gold ETF downgraded after the last trading session.
(Updated on Jun 25, 2024)
The Wisdomtree Physical Gold ETF price fell by -0.609% on the last day (Tuesday, 25th Jun 2024) from £17,233.50 to £17,128.50. During the last trading day the ETF fluctuated 0.409% from a day low at £17,127.00 to a day high of £17,197.00. The price has fallen in 6 of the last 10 days but is still up by 1.13% over the past 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 -528 shares and in total, 1 thousand shares were bought and sold for approximately £18.89 million.
The ETF is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at £16,925.92 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Wisdomtree Physical Gold ETF with a 90% probability to be traded between £16,909.45 and £18,008.66 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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PHGP.L Signals & Forecast
There are mixed signals in the ETF today. The Wisdomtree Physical Gold 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 £17,183.43 and £17,291.41. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 1.18%. 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).
Support, Risk & Stop-loss for Wisdomtree Physical Gold ETF
Wisdomtree Physical Gold finds support from accumulated volume at £17,093.00 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 £70.00 between high and low, or 0.409%. For the last week the ETF has had daily average volatility of 0.92%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PHGP.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wisdomtree Physical Gold to open at £17,150.83, and during the day (based on 14 day Average True Range), to move between £16,945.33 and £17,311.67, which gives a possible trading interval of +/-£183.17 (+/-1.07%) up or down from last closing price. If Wisdomtree Physical Gold takes out the full calculated possible swing range there will be an estimated 2.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £17,093.00 (0.21%) than the resistance at £17,232.50 (0.61%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdomtree Physical Gold ETF A Buy?
Wisdomtree Physical Gold holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.098 Sell Candidate Downgraded
Predicted Opening Price for Wisdomtree Physical Gold of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £17,150.83 ( 0.130%) | £17,128.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PHGP.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17,220.83 | 0.539% |
| R2 | 17,194.09 | 0.383% |
| R1 | 17,177.57 | 0.287% |
| Price | 17,128.50 | |
| S1 | 17,124.09 | -0.0257% |
| S2 | 17,107.57 | -0.122% |
| S3 | 17,080.83 | -0.278% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18,039.00 | 5.32% |
| R2 | 17,721.50 | 3.46% |
| R1 | 17,232.50 | 0.607% |
| Price | 17,128.50 | |
| S1 | 17,093.00 | -0.207% |
| S2 | 16,941.00 | -1.09% |
| S3 | 16,445.50 | -3.99% |
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