Gold Price Forecast – January 30, 2025
Gold surged past $2795 and hit the $2825 target, briefly overcoming $2826.3 with a high of $2829.5. While a double top is possible, the wave structure suggests further upside toward $2835 and the key $2849 target. No strong bearish signals are present, but after today’s rally, a test of support could come first. The $2798 midpoint is expected to hold, with key support at $2773. A close below $2773 before another move higher would signal a double top and a deeper pullback.
Natural Gas Price Forecast – January 29, 2025
March natural gas held support at the 200-day SMA ($3.07) and tested resistance at $3.19 but failed to close above it, keeping the near-term outlook bearish. A break below $3.07 could lead to $3.00 and potentially $2.95, signaling a continued bearish reversal. However, an intra-day wave suggests a possible test of $3.21, with a break higher targeting $3.26 and key near-term resistance at $3.34.
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.
