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.
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.
