Monthly: I am still in favor of the idea that decline of the index up to the lower Bollinger band (1926.4) is on. Given weakness of ADX, this forecast will certainly take more than one week to be implemented.
Weekly: we also see how strong resistance around 2111.7 is. We are waiting for beginning of decline to the levels of support 1998.1, 1926.4, 1850.0. The parameters of ADX are rather vague, it is based in the area of the trend, but in a correctional phase.
Daily: ADX is close to the active zone. Support from the lower Bollinger band (2042.1) may be under a rather big load. A further rollback to the middle band (2077.3) is probable.
The main scenario - drop to 1998.1 followed by a rollback to 2077.3.
The alternative scenario - a direct drop to 1926.4 (in case of breakthrough of support 1998.1)
Solutions: sell to 1998.1.
Monthly: the price does not change the overall trend – a continued technical correction towards 57.87 (the middle Bollinger band).With high probability, this level will be defended by bears on sales. But a risk of an ultimate upward reversal will also be here - the bullish convergence of the oscillator is too notable.
Weekly: Active trend ADX does not allow us to count on development of the ascending wave to 57.87.
Daily: So far, local ADX is weak enabling bulls to attack through the pattern "Break of the top envelope". That means one more return to the middle Bollinger band (45.37).
The main scenario - touch of 49.00-50.00 followed by a rollback to 45.37.
The alternative scenario - a direct growth to 57.87
Solutions: look for the upward entry points to target 57.87. The best possible area is 45.37.
Monthly: Gold has not showed the ability to break through the upper Bollinger band (1318.31) yet. Thus, out main expectation is drop to 1191.56 and 1057.97 (middle and lower Bollinger Bands)..
Weekly: clamping within the upper range of the envelope (1191.56-1342.35). The oscillator shows signs of divergence, but the top band keeps northern spirit, which makes one more surge to 1342.35 possible.
Daily: also divergence of the oscillator. Local resistance is at 1300.78 (upper Bollinger band).
The main scenario - touch of 1300.78 followed by drop to 1217.83.
The alternative scenario - drop to 1191.56-1217.83 and then one more surge to 1342.35
Solutions: not an easy situation for trading, because we have the multidirectional scenario. The areas for potential purchases are 1191.56-1217.83 and the area for sales is 1342.35. In these areas we should be looking for signals confirming the entry points.