Monthly chart: an intensive correction began , which had been suggesting itself for a long time. The price has almost reached the main line of trend support - the middle Bollinger band (1966.4), breakdown of which will almost certain bring the price to fall to 1779.3 (the bottom Bollinger band).
Weekly chart: an abrupt breakdown of the bottom of the envelope - a very strong short signal. We are waiting for a rollback to the middle band (2087.5) and continuation of the fall.
The daily chart: also we have a very strong break of the bottom envelope, which can also carry potential for correction to at least pivot point 2051.0, from which we can expect emergence of new short signals to enter to main target 1779.3
Expectations: expect a rollback to the zone 2051.0 and sell to the target 1779.3
1) Skip the upward pullback to 2051.0 and as soon as we get confirmation, we sell to 1779.3
Monthly chart: the price continues its tremendous decline and good news for sellers is that it will get to the bottom Bollinger band even deeper, pointing to the target 36.86.
Weekly chart: a active pressure from the ADX also leaves no chance to bulls.
The daily chart: You can say one thing - "No purchase".
Expectations: expect new lows on oil. The overall target of decline - 36.83.
1) Keeping medium-term sales to 36.83.
Monthly chart: potential for upward correction will be present here until the middle Bollinger band (1228.59) is reached.
Weekly chart: Here we see that the maximum permissible correction has been already almost achieved - 1169.01 (middle Bollinger Band). This is a good test to verify readiness of bears to continue to knock down the gold.
The daily chart: a locally bullish tendency. We note that the middle weekly Bollinger band coincided with a strong pivot area, so it is highly likely that a roll back down to 1108.0 will take place
Expectations: decline to 1108.0
1) We shall sell to 1108.0
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