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Weekly review of S&P500, gold and oil


Month: it is not difficult to notice that bulls control their long trend support (blue area), but ADX/RSI clearly indicates corrective nature of index growth. The question is only possible scale of the rollback. Another inside bar is possible to be formed in October. Limit of compensation - the upper Bollinger band (2166.3) We can conclude about a full break of the trend and downward reversal after breakdown of the lower Bollinger band (1809.0. See the red arrow).

Week: very active ADX indicates the possibility of reaching middle Bollinger band (2051.7)

Day: also very active ADX. Everything goes to the fact that the potential of bulls is high

Expectations growth to 2051.7 and 2166.3


1) Buy to 2051.7 and perhaps to 2166.3


Month: convergence of the oscillator favors bulls as well as very active ADX. However, this activity can be treated as bearish trend. In the best case buyers can aim to 78.42 (middle Bollinger Band). A trend goal is the same lower band (32.37)

Week also bullish convergence. Potential of buyers will be tested on the important resistance from the middle Bollinger band (55.73). If it does not keep the oil, the upper band (69.84) is very easy to be reached

Day: important key support is on the middle Bollinger band (49.44)

Expectations: So, we wait for decline to the area of 49.44. From there, the upward movement to the area of 55.71 can happen again. Resistance 55.71 will solve an important issue: whether oil is able to adjust even higher to 69.84 or bears will retain control and medium-term target 32.37 retains its relevance.


1) I would recommend selling on the touch of 55.71 towards 49.44 and 32.37 (Medium)
2) There is a possibility of rebound from the support 49.44, which can be used for purchases in the direction of 55.71.
3) Possibility of growth is much higher to 69.84. This option (and the purchase to this goal), I would consider after a break above 55.71.


Month: two consecutive inside bars and very active work against very active ADX - can lead to recovery of gold up to 1339.55 (upper Bollinger band). Confirmation of this goal would be the break above the middle Bollinger band (1219.00)

Week: as we see, resistance 1219.00 - very strong, as indicated by the horizontal Bollinger envelopes. Plus there is the local level of 1152.32 (middle Bollinger band), which can drop gold to the support 1079.87 (lower Bollinger band, red arrow).

Day:as we see, there is a complex resistance at the upper Bollinger band (1152.32). ADX is active enough to break on, so the most likely scenario is a pullback to the lower band (1098.21). But we must be attentive to the middle Bollinger band (1129.86), which can also show demand in gold

Expectations: decline to 1098.21


1) Buy to 1129.86 and perhaps to 1098.21

Aleksey Panasenko
Analyst of «FreshForex» company
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