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.
Gold Price Forecast – November 14, 2024
Gold challenged a highly confluent area of support today and most of the targets in this area around $2555 held on a closing basis. The outlook remains bearish but today’s hammer and confirmed intra-day bullish momentum divergences warn that a test of resistance will probably take place first. Resistance at $2610 is expected to hold. Key resistance for the near-term is $2639.
Natural Gas Price Forecast – November 13, 2024
Natural gas held key near-term support at $2.82 and rose to settle above an important wave projection at $2.95. The $3.00 level held but the wave formation calls for a test of a crucial $3.07 objective within the next day or so.
Crude Oil Price Forecast – November 12, 2024
WTI crude oil settled below the 20- and 50-day moving averages and took out a key retracement level on Monday. Today’s long-legged doji reflects near-term uncertainty. Even so, resistance at $70.3 is expected to hold and the move down should challenge a bearish decision point at $67.3 again within the next few days.
Gold Price Forecast – November 7, 2024
Gold rose to challenge Wednesday’s midpoint, dampening the odds of a continued decline. However, bearish weekly and daily patterns and signals suggest that a deeper test of support is still favored in the coming days.
Natural Gas Price Forecast – November 6, 2024
Natural gas failed to capitalize on Tuesday’s decline and the close at Monday’s $2.76 midpoint. Monday’s initial gap down was likely an exhaustion pattern and was followed by the formation of a daily bullish engulfing line that helped to confirm daily bullish KasePO, KaseCD, RSI, Stochastic, and MACD divergences. These patterns and signals indicate that a bullish reversal for the December contract might be underway.
Crude Oil Price Forecast – November 5, 2024
WTI crude oil has adopted a bullish outlook for the coming days after testing an important wave projection and retracement at $72.2. The move up is poised to challenge $73.5 and then a bullish decision point at $74.2.
Gold Price Forecast – October 31, 2024
Did Halloween frighten away gold’s bullish trend? The trend is intact, but today’s decline and confirmation of bearish daily MACD and RSI divergences suggest that a solid correction might finally be underway.
