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Gold, oil and S&P500 this week

S&P500


Monthly chart: the index is based in the least successful location for Opening which is in the middle of the range of the upper envelope (1888.6-2177.9). Upon that, a general ascending dynamics is preserved, so you can search for long signals from the support 1888.6 on yonger charts.


Trend potential Forecast


Weekly chart: a serious divirgence will probably make the chart to correct below to 1888.6. Local resistance is - 2119.6 (the upper Bollinger band) , support - 1990.1 (the bottom band)


Trend potential Forecast


Day chart: Southern determination starts to be better shaped


Trend potential Forecast


Expectations:  so, we are considering lowering of the index to support lines 1990.1 and 1888.6, but only as correction towards a major ascending trend. 


Trading decisions in the middle run:


1) We sell to targets 1990.1 and 1888.6


2) Buying from 1888.6 to new Highs


"Brent" oil


Monthly chart: so, everything moves to formation of March Inside bar which confirms threat of decline to 42.05 In April-May. 


Trend potential Forecast


Weekly chart:  local resistance 62.76 (the middle Bollinger band) is the potential location for opening sales.


Trend potential Forecast


Day chart:  we confirm resistance at 62.76 .


Trend potential Forecast


Expectations:I am waiting when Inside Bar for the current month will be eventually formed which can push oil to 62.76. On this level it can face supply at this price and 2 month's slump to 42.05 may start. 


Trading decisions:


1) Local buying to 62.76.


2) Sales from 62.76 to 42.05


Gold


Monthly chart: support from the bottom Bollinger band (1141.06) is reliable now. But in general tendency is descending in the direction of 1032.24


Trend potential Forecast


Weekly chart: resistance at 1288.40 is quite strong (the upper Bollinger band)


Trend potential Forecast


Day chart: resistance is well expressed on the level of 1218.19 (the upper Bollinger band). 


Trend potential Forecast


Expectations: So, I would wait when gold will drop from 1218.19 to 1141.06


Trading decisions:


1) Sales from 1218.19 to 1141.06 .

Aleksey Panasenko
FreshForex Analyst
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