Crude Oil Price Forecast – October 22, 2024
WTI crude oil’s move up during the past couple of days reflects a bullish shift in near-term sentiment. The move up may still prove to be a simple correction of the decline from $77.7 but must continue to hold $71.8 on a closing basis. Given today’s rise and marginal close below $71.8, this looks doubtful.
Gold Price Forecast – October 17, 2024
Gold rose to a new December contract high of $2712.7 and settled above a key wave projection at $2702. The move up is now poised to $2720 and likely $2732 and higher in the coming days. No technical factors suggest the move up will stall before reaching at least $2720.
Natural Gas Price Forecast – October 16, 2024
November natural gas settled below an important $2.46 target and took out the $2.439 swing low today. November is now poised to fall to be a new contract low and challenge a key area of support between $2.27 and $2.30.
Crude Oil Price Forecast – October 15, 2024
WTI crude oil fell to challenge major support between $69.9 and $69.3 today. This area held and the subsequent move up warns that a test of $72.1 might take place first. Even so, a test of resistance will likely be a correction. Settling below $69.3 will confirm a bearish outlook and clear the way for $66.8 and lower.
Gold Price Forecast – October 10, 2024
December gold’s decline from $2708.7 is still poised to test at least $2607 and possibly $2594 within the next few days. However, today’s bullish piercing pattern and test of the 20-day moving average warn that the corrective move down might already be complete.
Natural Gas Price Forecast – October 9, 2024
Natural gas continues to decline after testing the crucial $3.00 level last week. The move down is still a correction on the continuation chart. However, key support at $2.66 for the November contract has been taken out. This implies that November’s move up from $2.439 is complete and that prices may fall to a new contract low in the coming weeks.
Crude Oil Price Forecast – October 8, 2024
WTI crude oil has been on a wild ride during the past few weeks. Today’s bearish engulfing line warns that a reversal will continue to unfold in the coming days. However, a resurgence of the geopolitical risk that drove prices to these levels is still a concern.
Gold Price Forecast – October 3, 2024
Gold retains a bullish outlook. However, a confirmed daily RSI overbought signal after testing an important target at $2702 warns that a significant correction might take place. Gold must settle below $2632 to confirm that such a move will occur.
Natural Gas Price Forecast – October 2, 2024
Natural gas rose to challenge $3.00 today. This is an important technical and psychological level and a potential stalling point. The outlook remains bullish but the test of $3.00 and a series of daily bearish candlesticks warn that a correction might take place first. Support at $2.79 is expected to hold. Key support is $2.75.
Crude Oil Price Forecast – October 1, 2024
Today’s rally was bullish for the outlook of WTI crude oil in the coming days. However, key resistance levels were held today. Therefore, today’s rise may prove to be an overreaction to geopolitical factors. The key levels for tomorrow are $71.1 and $72.1 on the upside and $68.2 on the downside.
