Trend potential Forecast
Monthly chart: the price is rolling down prior to a probable approaching to 2178.3, from where we are still waiting for a reversal down to 1898.5
Weekly chart: ascending tendency is also not broken
Day chart: divergence also tells that bullish trend is exhausting. Nevertheless, the price may go up from one of the supportive lines - 2053.2 and 1980.1 – and reach 2132.0-2178.3
Expectations: we are waiting when the area 2132.0-2178.3 will be reached.
1) Buying from 1980.1-2053.2 to 2178.3. 2) Once the price reaches 2178.3, you can look for sales signals expecting a full reversal of the index down.
Monthly chart: an ascending swing has not been formed, so a new local High is possible though we see that oil is moving to 51.00.
Weekly chart: the week was closed by the inside bar with middle-term potential to decline to 41.41. We don't rule out that there will be a preliminary move upwards to 66.69 (the middle Bollinger band)
Day chart: envelopes are narrowing while ADX is weak. It also leaves the place for the possibility to move to 66.69
Expectations: so, we've got a new potential for descend to 51.00 and 41.41. The best area to enter is 66.69. Trading decisions: 1) We sell from 66.69 in the direction of 51.00 and 41.41
Monthly chart: support 1144.93 holds gold from a further descending to 1033.00.
Weekly chart: we confirm support at 1144.93, because ADX parameters are not sufficient.
Day chart: the situation is similar here. Support is 1144.93, resistance is 1210.60
Expectations: the area 1144.93 will be touched with a high probability and the price will further bounce to 1210.60
1) We buy on additional signals from 1144.93 to 1210.60