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.
Natural Gas Price Forecast – October 30, 2024
December natural gas is poised to work its way lower. Support at $2.80 has been resilient this week, but another test of $2.80 and likely $2.77 is expected tomorrow. Closing below $2.77 will open the way for $2.72 and lower. There is evidence that $2.89 might be tested first, but this level should hold. Key resistance for the near-term outlook is $2.94.
Crude Oil Price Forecast – October 29, 2024
Monday’s gap down and close below a few key technical wave projections and retracements during the past couple of days reflects bearish sentiment for WTI crude oil. The move down is now poised to challenge $66.3 and possibly $64.6 in the coming days. Resistance at $69.0 is expected to hold and the top of Monday’s gap down from $70.0 is key resistance.
Natural Gas Price Forecast – October 23, 2024
Natural gas rallied late this afternoon and confirmed bullish momentum signals that warn a bullish reversal, or at least a solid test of resistance, is underway. Closing above $2.53 will provide more substantial evidence that a reversal will continue to unfold.
