UGLD dominated by bulls lifting the market higher throughout the day
VS 3X GOLD (UGLD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
UGLD finished the month 8.42% higher at 204.77 after gaining $4.88 (2.44%) today. Today's close at 204.77 marks the highest recorded closing price since September 9, 2013. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 201.10, the ETF confirmed its breakout through the previous session high after trading up to $5.82 above it intraday.
Daily Candlestick Chart (UGLD as at Jun 30, 2020):
Tuesday's trading range has been $7.92 (3.98%), that's above the last trading month's daily average range of $5.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for UGLD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
After having been unable to move lower than 198.79 in the prior session, the market found buyers again around the same price level today at 199.00. The last time this happened on June 10th, UGLD actually lost -2.40% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 210.21, upside momentum could accelerate should VS 3X be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for VS 3X. Out of 234 times, UGLD closed lower 55.13% of the time on the next trading day after the market condition occurred.
Market Conditions for UGLD as at Jun 30, 2020
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