Natural Gas Price Forecast – December 4, 2024
January natural gas favors a decline to $2.79 in the coming days. However, support at $2.99 held and today’s hammer warns that a test of $3.12 and $3.22 might occur first. Closing above $3.22 is doubtful but would warn that a bullish reversal is underway.
Crude Oil Price Forecast – December 3, 2024
WTI crude oil remains rangebound and another bullish reversal within the range took place today. Resistance at $70.1 held on a closing basis, but recent waves call for a test of $70.7. Closing above this will position WTI to attempt a break higher out of the range by settling above $72.7 in the coming days.
Crude Oil Price Forecast – November 26, 2024
WTI crude oil failed to break higher out of a weeks-long range again and instead has formed patterns and waves that suggest another test of the bottom of the range around $66.3 will take probably take place in the coming days.
Gold Price Forecast – November 21, 2024
Gold settled just above a confluent and important target at $2672 today. The subwaves up from $2541.5 call for a test of $2705, a close above which will imply that the corrective move down from $2801.8 is complete. Given the confluence of $2672, a test of support might take place first but $2650 is expected to hold. Key support for the near-term outlook is $2625.
Natural Gas Price Forecast – November 20, 2024
December natural gas rallied today and settled well above a key $3.07 target, overcame the last major swing high at $3.101, and challenged a confluence point at $3.21. The move up is still poised to extend and will likely challenge $3.30 tomorrow. Closing above $3.30 will open the way for $3.48.
Crude Oil Price Forecast – November 19, 2024
Tomorrow’s outlook for January WTI crude oil leans bullish given Monday’s bullish engulfing line and a potential double bottom. However, an intra-day head and shoulders warns that the move up from $66.53 might already be complete.
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.
