Monthly chart: ADX/RSI determines current tendency as the start of a possibly descending correction. Probable target of this correction is the middle Bollinger band(1847.7). Upon that, bulls still dominate and general target of movement is the upper band (2162.1).
Therefore, descending correction is better to be interpreted as search of long signals rather than a trading possibility. Of course, it does not touch intraday traders.
Weekly chart: here it is even more complicated for bears: layering of support lines (2013.0, 1922.8) will scarcely allow a deeper rollback to happen (up to 1847.7). Upon that, ADX has not reached trend level, so we don't wait the index to get above the upper band (2115.3) on this week.
Day chart: a horizontal channel 1983.6-2103.9. This range will probably be working for the nearest trading week.
Conclusion: so, we are waiting the price to fluctuate within 1983.6-2103.9. Purchases below are more preferable than sales, because a general trend preserves.
Monthly chart: oil continues its heavy decline. The nearest support is the area 39 usd per barrel.
Weekly chart: a confident downtrend with the nearest target 43.55 has been also preserved (the bottom Bollinger band).
Day chart: one more short signal has been received - pinbar and then inside bearish bar. So we expect the oil 4355 perhaps as early as this week.
Conclusion: so we expect the oil 43.55 Gold Monthly chart: determination of the gold to the upper Bollinger band (1378.00) has been preserved, but growth is not based from ADX, so we will see how it is returned to the bottom line (1158.32)
Weekly chart: the upper envelope has been broken, so the target - 1378 – is quite probable. This movement may lead a preliminary rollback to the middle band (1234.82)
Day chart: we confirm that support is 1234.82, as well as the local ascending trend.
Conclusion: so, the gold has the potential to grow to 1378 usd, but before it can take the gold to bounce down to 1234.82 for purchases.
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