Invesco Physical Gold Etc ETF Forecast
Stronger technical forecast for Invesco Physical Gold Etc ETF price after Wednesday trading.
(Updated on Jul 03, 2024)
The Invesco Physical Gold Etc ETF price gained 1.56% on the last trading day (Wednesday, 3rd Jul 2024), rising from £224.31 to £227.81. During the last trading day the ETF fluctuated 8.56% from a day low at £210.13 to a day high of £228.12. The price has fallen in 5 of the last 10 days but is still up by 1.58% 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, 33 thousand more shares were traded than the day before. In total, 40 thousand shares were bought and sold for approximately £9.14 million.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Invesco Physical Gold Etc ETF with a 90% probability to be traded between £206.13 and £232.53 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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SGLD.L Signals & Forecast
Mostly positive signals in the chart today. The Invesco Physical Gold Etc ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £224.05 and £226.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 2.72%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Invesco Physical Gold Etc ETF
Invesco Physical Gold Etc finds support from accumulated volume at £224.53 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 £17.99 between high and low, or 8.56%. For the last week the ETF has had daily average volatility of 2.10%.
Our recommended stop-loss: £215.45 (-5.42%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (SGLD.L) For The Upcoming Trading Day Of Thursday 4th
For the upcoming trading day on Thursday, 4th we expect Invesco Physical Gold Etc to open at £222.02, and during the day (based on 14 day Average True Range), to move between £224.08 and £231.54, which gives a possible trading interval of +/-£3.73 (+/-1.64%) up or down from last closing price. If Invesco Physical Gold Etc takes out the full calculated possible swing range there will be an estimated 3.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £229.91 (0.92%) than the support at £224.53 (1.44%), 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 Invesco Physical Gold Etc ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Invesco Physical Gold Etc ETF to perform well in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.
Current score: 1.646 Buy Candidate Upgraded
Predicted Opening Price for Invesco Physical Gold Etc of Thursday, July 4, 2024
| Fair opening price July 4, 2024 | Current price |
|---|---|
| £222.02 ( 2.54%) | £227.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SGLD.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 240.01 | 5.36% |
| R2 | 233.14 | 2.34% |
| R1 | 228.89 | 0.475% |
| Price | 227.81 | |
| S1 | 215.15 | -5.56% |
| S2 | 210.90 | -7.42% |
| S3 | 204.03 | -10.44% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 234.32 | 2.86% |
| R2 | 230.95 | 1.38% |
| R1 | 229.91 | 0.92% |
| Price | 227.81 | |
| S1 | 224.53 | -1.44% |
| S2 | 221.55 | -2.75% |
| S3 | 208.00 | -8.70% |
FAQ
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