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Indra Bhattacharjee's Avatar
published in Blogs
Apr 17, 2019

Gold is likely to end the year at $1,400

It is expected that gold will end the year on a strong note owing to the Federal Reserve’s lower interest rates coupled with the advantage from global uncertainties like economy and geopolitical issues like trade war between U.S. and China. Often gold is considered to be safe heaven asset that is one of those assets that tend to retain its value during market turbulence.

On Tuesday, spot gold was trading at about $1,286.646 an ounce. Even though gold prices have long stuck in the $1,217 to $1,330 range, but analysts believe that these could reach $1,400 by the end of the year.

This positive outlook is mostly boosted by Federal Reserve’s decision not to hike interest rates this year. Further, more and more central banks in Poland, Hungary, the Philippines, and China are diversifying their reserve. Last year, central banks purchased a reported 650 metric tons of gold, an amount that accounted for 15% of the global market.

Related Ticker: UGL

UGL's Indicator enters downward trend

The Aroon Indicator for UGL entered a downward trend on February 20, 2024. Tickeron's A.I.dvisor identified a pattern where the AroonDown red line was above 70 while the AroonUp green line was below 30 for three straight days. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options. A.I.dvisor looked at 170 similar instances where the Aroon Indicator formed such a pattern. In of the 170 cases the stock moved lower. This puts the odds of a downward move at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The RSI Oscillator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 5 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where UGL declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

UGL broke above its upper Bollinger Band on March 01, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on February 23, 2024. You may want to consider a long position or call options on UGL as a result. In of 100 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

The Moving Average Convergence Divergence (MACD) for UGL just turned positive on February 22, 2024. Looking at past instances where UGL's MACD turned positive, the stock continued to rise in of 48 cases over the following month. The odds of a continued upward trend are .

UGL moved above its 50-day moving average on February 29, 2024 date and that indicates a change from a downward trend to an upward trend.

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where UGL advanced for three days, in of 337 cases, the price rose further within the following month. The odds of a continued upward trend are .

Fundamental Analysis (Ratings)

Fear & Greed

Industry description

The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The fund seeks to meet its investment objective by investing, under normal market conditions, in any one of, or combinations of, Financial Instruments (including swap agreements, futures contracts, forward contracts and option contracts) based on the benchmark. The types and mix of Financial Instruments in which the fund invests may vary daily at the discretion of the Sponsor. It will not invest directly in any commodity.
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A.I.Advisor
published price charts
A.I. Advisor
published General Information

General Information

Category Trading

Profile
Fundamentals
Details
Category
Trading--Leveraged Commodities
Address
ProShares Trust II7501 WISCONSIN AVEBethesda
Phone
240-497-6400
Web
www.proshares.com
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UGL and

Correlation & Price change

A.I.dvisor indicates that over the last year, UGL has been closely correlated with GDXU. These tickers have moved in lockstep 79% of the time. This A.I.-generated data suggests there is a high statistical probability that if UGL jumps, then GDXU could also see price increases.

1D
1W
1M
1Q
6M
1Y
5Y
Ticker /
NAME
Correlation
To UGL
1D Price
Change %
UGL100%
+3.88%
GDXU - UGL
79%
Closely correlated
+10.33%
AGQ - UGL
75%
Closely correlated
+4.32%
UCO - UGL
4%
Poorly correlated
+3.24%
DGP - UGL
4%
Poorly correlated
+4.32%
BOIL - UGL
-8%
Poorly correlated
-1.65%
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