SPDR Gold Shares ETF Forecast
Stronger technical forecast for SPDR Gold Shares ETF price after Wednesday trading.
(Updated on Apr 24, 2024)
The SPDR Gold Shares ETF price fell by -0.186% on the last day (Wednesday, 24th Apr 2024) from $215.04 to $214.64. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 0.93% from a day low at $214.36 to a day high of $216.35. The price has been going up and down for this period, and there has been a -0.47% loss for the last 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 -5 million shares and in total, 5 million shares were bought and sold for approximately $1.15 billion.
The ETF 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 $212.46 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 ETF is expected to rise 20.55% during the next 3 months and, with a 90% probability hold a price between $256.12 and $271.15 at the end of this 3-month period.
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GLD Signals & Forecast
The SPDR Gold Shares ETF 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 ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $218.21. On a fall, the ETF will find some support from the long-term average at approximately $208.92. 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 Tuesday, April 16, 2024, and so far it has fallen -2.97%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for SPDR Gold Shares ETF
SPDR Gold Shares finds support from accumulated volume at $210.89 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.99 between high and low, or 0.93%. For the last week, the ETF has had daily average volatility of 0.94%.
Our recommended stop-loss: $204.48 (-4.73%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (GLD) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect SPDR Gold Shares to open at $215.12, and during the day (based on 14 day Average True Range), to move between $211.56 and $217.72, which gives a possible trading interval of +/-$3.08 (+/-1.43%) up or down from last closing price. If SPDR Gold Shares takes out the full calculated possible swing range there will be an estimated 2.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $215.14 (0.23%) than the support at $210.89 (1.75%), 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 SPDR Gold Shares ETF 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 SPDR Gold Shares ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.413 Buy Candidate Upgraded
Predicted Opening Price for SPDR Gold Shares of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $215.12 ( 0.222%) | $214.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GLD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 217.11 | 1.15 % | |
| R2 | 216.35 | 0.795 % | ||
| R1 | 215.88 | 0.576 % | ||
| Current price: | 214.64 | |||
| Support | S1 | 214.36 | -0.132 % | |
| S2 | 213.89 | -0.351 % | ||
| S3 | 213.13 | -0.705 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 216.89 | 1.05 % | |
| R2 | 215.65 | 0.471 % | ||
| R1 | 215.14 | 0.233 % | ||
| Current price | 214.64 | |||
| Support | S1 | 210.89 | -1.75% | |
| S2 | 207.82 | -3.18% | ||
| S3 | 192.89 | -10.13% |
FAQ
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