Crude Oil Price Forecast – September 24, 2024
WTI crude oil is poised to challenge a key target at $72.8 tomorrow. This objective is in line with the lower trend line of a wedge pattern that broke lower on the continuation chart the week ended September 10. A sustained close above $72.8 will confirm a bullish reversal is underway.
Crude Oil Price Forecast – September 17, 2024
WTI crude oil has quickly recovered after briefly settling below major support at $66.5 on September 10. However, the move up could be a corrective throwback after breaking out of a coil pattern on the daily October chart and a wedge on the weekly continuation chart on September 3. The lower trend line of these patterns around $72.5 will likely be tested within the next day or so.
Gold Price Forecast – September 12, 2024
December gold broke higher out of a bullish wedge after forming a shortfall within the pattern last Friday. Gold also settled above an important resistance area between $2565 and $2570. A target at $2586 held, but the move up is now poised to challenge $2605 and higher.
Natural Gas Price Forecast – September 11, 2024
Natural gas has entered a period of consolidation in recent weeks that will likely lead to an eventual break higher. Resistance at $2.30 has been resilient, but another test of this target is expected. Settling above $2.30 will confirm a $1.856 double bottom on the continuation chart and open the way for $2.39 and likely $2.46 in the coming weeks. Key support for the near-term outlook is $2.14.
Crude Oil Price Forecast – September 10, 2024
WTI crude oil has adopted a firm bearish outlook in recent weeks. Prices settled below a highly confluent and major target at $66.5 today. The move down is now poised to challenge a bearish decision point at $63.7. This is the most probable price at which a bottom could be made. At a minimum, a sold test of resistance is anticipated once the $63.7 target is fulfilled.
Gold Price Forecast – August 29, 2024
Gold is poised to challenge a highly confluent and key objective at $2570 again. Settling above this will clear the way for $2586 and higher. However, $2570 has been resilient in recent weeks and the potential for a second weekly doji warns that the uptrend may be exhausted.
Natural Gas Price Forecast – August 28, 2024
October natural gas recaptured a bearish outlook for the near-term and is poised to test the $1.991 contract low in the coming days. However, support at $2.04 has been resilient and today’s long-legged doji warns that a test of $2.14 and even $2.18 might take place first.
Crude Oil Price Forecast – August 27, 2024
WTI crude oil continues to trade in a wide and indecisive range. Today’s pullback suggests that prices will remain within that range while traders wait for more fundamental, macroeconomic, and geopolitical information.
Gold Price Forecast – August 22, 2024
Gold Technical Analysis and Near-Term Outlook This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ratio, and gold ETFs. If … Continue reading Gold Price Forecast – August 22, 2024
Natural Gas Price Forecast – August 21, 2024
Weekly bullish momentum divergences and an oversold signal suggest a bullish reversal is likely underway for natural gas. Closing above the $2.30 neckline of an inverted head and shoulders pattern would confirm this is the case, opening the way for an eventual test of the pattern’s $2.72 target.
