Crude Oil Price Forecast – January 28, 2025
WTI crude oil is still poised to decline to $72.2 and possibly $71.5 within the next few days. However, today’s test of Monday’s midpoint warns that the corrective move up from $72.38 could challenge $74.5 and then key near-term resistance at $75.1 first.
Gold Price Forecast – January 9, 2025
Gold has been on the rise again. The move up might still prove to be a correction of the decline from $2761.3, but prices are poised to challenge $2704 and possibly a bullish decision point at $2721 within the next few days. Closing above $2721 will confirm a bullish outlook and open the way for an eventual test of $2793. For now, $2659 is expected to hold, and $2635 is key support for the near term.
Natural Gas Price Forecast – January 8, 2025
Natural gas continues to hold major near-term support at $3.39. Prices also fulfilled a wave projection at $3.68 today that calls for a test of $3.77 and likely $3.85 within the next few days. Settling above $3.85 will imply that the corrective move down from $4.201 is complete. However, volatility remains high so caution is warranted. Taking out $3.52 will call for another attempt to test $3.39.
Crude Oil Price Forecast – January 7, 2025
WTI crude oil shook off Monday’s pullback and is poised to challenge $74.8 again. Closing above this will clear the way for tests of $75.4, $76.0, and possibly $76.7 in the coming days. Key near-term support is $72.7.
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.
