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.
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.
