Gold Price Forecast – December 12, 2024
Gold’s move up failed to extend after settling above a key wave projection at $2743 that connects to $2808 and higher. Today’s pullback and close below Wednesday’s open was bearish for the outlook ahead of the weekend, suggesting that prices may consolidate again.
Natural Gas Price Forecast – December 11, 2024
January natural gas rallied and settled below a potential stalling point at $3.42. However, today’s rise was bullish for the outlook in the coming days. Any pullback will likely be a correction and should hold $3.30. Overcoming $3.42 will call for a bullish decision point at $3.50 which connects to $3.64 and higher.
Crude Oil Price Forecast – December 10, 2024
WTI crude oil continues to trade in a narrowing range. The range is still expected to break lower by settling below $66.8. However, there is technical evidence that a larger test of resistance within the range might occur first.
Gold Price Forecast – December 5, 2024
Gold held resistance at $2682 and is poised to challenge an important target at $2635 tomorrow. Closing below $2635 will call for the test of a bearish decision point at $2586.
Natural Gas Price Forecast – December 4, 2024
January natural gas favors a decline to $2.79 in the coming days. However, support at $2.99 held and today’s hammer warns that a test of $3.12 and $3.22 might occur first. Closing above $3.22 is doubtful but would warn that a bullish reversal is underway.
Crude Oil Price Forecast – December 3, 2024
WTI crude oil remains rangebound and another bullish reversal within the range took place today. Resistance at $70.1 held on a closing basis, but recent waves call for a test of $70.7. Closing above this will position WTI to attempt a break higher out of the range by settling above $72.7 in the coming days.
Crude Oil Price Forecast – November 26, 2024
WTI crude oil failed to break higher out of a weeks-long range again and instead has formed patterns and waves that suggest another test of the bottom of the range around $66.3 will take probably take place in the coming days.
Gold Price Forecast – November 21, 2024
Gold settled just above a confluent and important target at $2672 today. The subwaves up from $2541.5 call for a test of $2705, a close above which will imply that the corrective move down from $2801.8 is complete. Given the confluence of $2672, a test of support might take place first but $2650 is expected to hold. Key support for the near-term outlook is $2625.
Natural Gas Price Forecast – November 20, 2024
December natural gas rallied today and settled well above a key $3.07 target, overcame the last major swing high at $3.101, and challenged a confluence point at $3.21. The move up is still poised to extend and will likely challenge $3.30 tomorrow. Closing above $3.30 will open the way for $3.48.
Crude Oil Price Forecast – November 19, 2024
Tomorrow’s outlook for January WTI crude oil leans bullish given Monday’s bullish engulfing line and a potential double bottom. However, an intra-day head and shoulders warns that the move up from $66.53 might already be complete.
