WTI crude oil settled above a key retracement and met wave a projection that implies the pullback from $76.98 is complete. Odds favor a move to at least $76.3 and likely $77.3 during the next couple of days.
Gold is still poised to decline to a major objective at $1735. Closing below $1763 will increase odds for such a move. However, there are patterns that suggest a test of $1789 and possibly $1802 will take place first.
Natural gas has risen at an unsustainable rate and today’s late formation of a double top sets up natural gas for a significant reversal. There is still upside risk, but the move up is not expected to last much longer.
The near-term outlook for WTI is tight, but support at $72.0 held and the move up is poised to challenge $73.9 and possibly $75.0 during the next few days. The $75.0 target is a probable stalling point.
The outlook for gold is bearish, and the decline from $1919.2 looks to form a five-wave pattern that targets $1734.
Natural gas is still poised to reach a major objective at $3.40. However, today’s late pullback and close below $3.35 suggests a test of $3.29 and possibly $3.26 will likely take place first.
WTI crude oil is still poised to reach at least $73.7 and ultimately the next major objective at $75.0. However, today’s bearish doji warns that a test of support will probably take place first.
Gold is poised to rise above $1903 and challenge at least $1911 and likely $1923 during the next few days. Support at $1868 is expected to hold and $1854 is key support for the near-term outlook.
The outlook for natural gas leans neutral-to-negative. Falling below $3.11 will call for a test of $3.08, a target that must hold for the move up to negate a $3.20 double top in the coming days.
WTI settled above $70.0 and is now poised to reach at least $71.2 during the next day or so. This is a potential stalling point, but any move down will likely be a short-lived correction. Support at $68.3 is expected to hold.