Today’s rally has positioned WTI crude oil to challenge $69.9 tomorrow. This should be strong resistance, but a close above $69.9 will call for a test of key resistance and a bullish decision point at $70.8.
Natural gas is poised to challenge a major objective at $4.24. This is a potential stalling point, but once met, an eventual close above $4.24 is anticipated. Such a move will open the way for a rise toward $4.51 during the subsequent weeks.
WTI’s daily hammer suggest the move down will likely prove to be another short-lived correction. Closing above $72.5 will complete the pattern and call for a test of the hammer’s $73.9 confirmation point.
Gold settled above the 200-day moving average and is now poised to reach at least $1842 and possibly $1855 during the next few days. Support at $1819 is expected to hold and $1805 is key support for the near-term outlook.
Natural gas is poised to decline to at least $3.91 and lower during the next few days. The barrier to a more bearish outlook is $3.82. Resistance at $4.04 is expected to hold and $4.08 is key resistance.
The outlook for WTI is bullish and rising above $72.2 will call for $72.9 and higher in the coming days. However, bearish daily candlesticks and the wave down from $72.43 call for a test of at least $70.4 and possibly $69.6 first. Support at $69.6 is expected to hold.
Natural gas settled above a crucial $3.91 objective and is now poised to challenge $4.00 and higher. Even so, a correction is due, so $3.87 might be tested first.
WTI’s decline from $76.07 stalled below an important target at $65.2. There is still a good chance for a deeper test of support. However, a daily hammer suggests $68.1 and possibly $69.0 will likely be tested first.
Gold tested and held a key objective at $1835 today. An eventual close above this level is expected, which will clear the way for $1857 and higher. However, there is a good chance for a test of $1817 and possibly $1802 first.
Natural gas is poised to test $3.59, a close below which will open the way for $3.54 and likely $3.48 during the next few days. Resistance at $3.71 is expected to hold and $3.82 is the key threshold.