Crude Oil Price Forecast – August 20, 2024
WTI crude oil has taken on a bearish outlook again. Important support at $72.6 was tested and held on a closing basis today, and this is a level from which a correction should occur. However, $74.8 is expected to hold. Ultimately, another test of $72.6 is expected, a close below which will call for a long-term bearish decision point at $71.2 to be challenged. A sustained close below $71.2 will open the way for targets in the mid-to-low $60s in the coming months.
Gold Price Forecast – August 15, 2024
December gold has been trading in a range between approximately $2400 and $2430 since mid-July. Prices are trading near the top of the range and a break higher out of the range is ultimately expected. Settling above $2430 will confirm a break higher. However, based on the corrective pullback from $2519.7 a test of $2464 should take place first.
Natural Gas Price Forecast – August 14, 2024
September natural gas continues to show signs of a bullish recovery. A weekly bullish KCDpeak (oversold signal) and weekly bullish KasePO, RSI, and MACD divergences suggest a bottom has been made. Natural gas bulls are not completely out of the woods yet but settling above $2.27 will call for a test of a key objective and bullish decision point at $2.37 within the next few days.
Crude Oil Price Forecast – August 13, 2024
Volatility for WTI crude oil has risen in recent weeks and the rally from major support around $71.5 suggests that a longer-term bullish outlook is being readopted. However, today’s pullback from resistance at $80.2 has put the odds in favor of testing key near-erm support at $76.9 within the next day or so. Settling below this would warn that the move up is failing again.
Gold Price Forecast – August 8, 2024
December gold rose to challenge $2465 resistance today. Gold remains range-bound but is now poised to test an important target at $2477 tomorrow. Settling above this will call for tests of $2514 and $2528.
Natural Gas Price Forecast – August 7, 2024
Natural gas has rallied during the past few days, and a few bullish reversal patterns and signals have been confirmed. The move up is poised to challenge a key target at $2.16 tomorrow. Settling above this might initially be a challenge but will open the way for $2.19 and higher.
Crude Oil Price Forecast – August 6, 2024
WTI crude oil tested and held major support and a bearish decision point for the coming months at $71.5 on Monday. So far, the move up from $71.67 looks like a correction, so near-term odds lean in favor of challenging $71.5 again within the next few days. Caution is warranted though because this is an area where a solid correction and even a bullish reversal could occur.
Gold Price Forecast – August 1, 2024
December gold is still poised to challenge a key objective at $2514 that connects to $2586 and higher. However, resistance at $2507 held, and today’s pullback from $2506.6 warns that a test of $2465 and possibly $2440 might occur first. Key support for the coming days is $2421.
Natural Gas Price Forecast – July 31, 2024
Natural gas held resistance at $2.15 and is now poised to test $2.00 and likely a highly confluent and important target at $1.97. The $1.97 objective is another potential stalling point, but any move up will likely be a correction without a significant and lasting bullish shift in underlying fundamentals.
Crude Oil Price Forecast – July 30, 2024
WTI crude oil settled below a major wave projection at $76.1. This wave now favors a test of $71.5 in the coming weeks. Near-term support at $74.7 held, but the move down is still poised to extend. Tomorrow, look for a test of $74.3, a close below which will call for a decline to the next confluence point at $72.3 in the coming days.
