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Weekly scenario for gold, S&P500, Brent


Monthly: The index has continued an intense correction in the direction of the upper Bollinger band (2149.3), from where we will wait for a new medium-term decline cause ADX shows no action regarding bullish movement.

Weekly scenario for gold, S&P500, Brent

Weekly: Meanwhile it is not clear whether a new High will be reached, because there is a strong resistance zone in the area of ​​2095.0. Bearish signals in this area will be more promising.

Weekly scenario for gold, S&P500, Brent

Daily: an active bullish frame that fits into the scenario of a continued monthly correction.

Expectations: growth to 2095.0

solutions: buy to 2095.0


Monthly: the price continues an intense correction in the direction of the middle Bollinger band, but it is worth noting that the middle band has dropped significantly – down to 62.51. This means that the overall long-term outlook for decline of oil to 18.47 is still relevant, and the growth has just a corrective nature, not being a trend.

Weekly: more localized resistance at the upper Bollinger band (50.49)

Daily: an interesting layout. Very active ADX, which can be attributed to the previously initiated upward movement (ie northern scenario has an evident priority).

However, there is a high probability of bullish trap! We have just two bearish signals - a divergence of the oscillator (indicated by a thin black arrow), plus a marked pin on the Friday's close

On this background, we are to track how the price will respond to 37.97 support area, where the middle Bollinger band is located. Bulls need a good upward pullback, and bears can fight for another reversal setup - “Over&Under” pattern.

Expectations: not an easy situation to forecast. On the one hand, Brent aims to surge to 50.49, on the other hand, - a pullback to 38.00 is possible. We have a daily bearish pinbar, on which you need to sell, but probably we will need more local confirming signals, plus, of course, will look at the market opening


1. Search for downward signals regarding the daily pinbar at younger frames. 2. Purchases are relevant only on a drop to the area of ​​38.00, or breakdown of the Friday's High 42.90


Monthly: it is likely that buyers will finalize zone 1322.62 (the upper Bollinger band) .

Weekly: Trend activity of bulls also allows to rely on growth to 1322.62.

Daily: and here bears have a positional advantage! Massive and pronounced divergence of the oscillator with clear weakening. We are waiting when gold reaches peak at 1210.35.

Expectations: drop to 1210.35 from current levels .

solutions: sell to 1210.35

Aleksey Panasenko
Analyst of «FreshForex» company
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