Crude Oil Price Forecast – May 7, 2024
WTI crude oil is still poised to decline and closing below $77.5 will call for a test of a long-term bearish decision point at $76.0 in the coming days. A solid test of resistance is anticipated before sustaining a close below $76.0.
Natural Gas Price Forecast – May 1, 2024
June natural gas is poised to break lower out of a rectangle pattern by falling to $1.86. Settling below this will confirm a breakout and open the way for $1.84 and likely $1.78.
Crude Oil Price Forecast – April 30, 2024
WTI crude oil tested and held resilient support at $81.0 again today. Even so, the wave formation down from $86.97 favors a test of $79.7. Therefore, the near-term outlook is bearish.
Nonetheless, the decline from $86.97 may form a bullish flat descending triangle. Therefore, caution is warranted.
Gold Price Forecast – April 24, 2024
Gold is still positioned to fall to $2301 and then $2283 in the coming days. However, today’s early rise to challenge $2350 warns that a test of $2366 and possibly key resistance at $2400 might take place instead.
Natural Gas Price Forecast – April 24, 2024
June natural gas is poised to test, and will likely break, the lower threshold of a trading range at $1.92 tomorrow. This will open the way for $1.84 and possibly $1.78 in the coming days.
Crude Oil Price Forecast – April 23, 2024
WTI crude oil has held well established support at $81.0 for the past few days. Today’s rise warns that the corrective move down from $86.97 is complete. Tomorrow, look for a test of at least $84.0 and likely a key target at $84.7.
Gold Price Forecast – April 18, 2024
The near-term outlook for gold is tight. Bearish patterns and signals warn that a deeper test of support might still take place. However, prices are rising toward a key level at $2419.
Natural Gas Price Forecast – April 17, 2024
Natural gas tested an important target at $1.66 which connects to $1.48. This was bearish for the outlook. However, a small double bottom has formed around that level. Therefore, a test of resistance might take place first.
Crude Oil Price Forecast – April 17, 2024
WTI crude oil confirmed a double top and took out a few important technical support targets today. Today’s decline reflects a near-term bearish shift in sentiment. WTI is now poised to test at least $81.9 and likely $81.5 within the next day or so.
Gold Price Forecast – April 11, 2024
Gold shook off Wednesday’s decline and overcame a key objective at $2378 late this afternoon. Tomorrow, look for a test of at least $2494, a close above which will open the way for a test of the next major uptrend objective at $2446 in the coming days.
