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.
Gold Price Forecast – July 25, 2024
Gold has confirmed a few bearish reversal signals and settled below key wave projections and retracement levels today. The move down is now poised to test at least $2328 and likely lower in the coming days.
Natural Gas Price Forecast – July 24, 2024
The outlook for natural gas leans bearish heading into tomorrow. Support at $2.11 held on a closing basis, but the near-term odds favor a test of $2.06 and likely lower within the next few days. Key resistance for the near-term is $2.26.
Crude Oil Price Forecast – July 23, 2024
WTI crude oil has been quite bearish for the past few days. Major support between $76.1 and $76.6 was challenged today. The move up from $76.4 is likely a correction though, so another test of $76.6 is expected. Closing below $76.1 will confirm a bearish outlook for the coming days and likely the next few weeks.
Gold Price Forecast – July 18, 2024
Gold resumed its uptrend by overcoming August’s $2477 swing high. However, resistance at $2490 held, and a test of $2321 is expected within the next day or so. Therefore, near-term odds lean in favor of testing $2321 before settling above $2490.
