WTI continues to trade in a range, but near-term odds lean in favor of challenging $61.4. Closing above this will call for $62.5 and then a bullish decision point at $63.8. Conversely, should WTI take out $59.1, look for another test of support within the trading range that could lead to a test of a bearish decision point at $55.7.
Gold confirmed a double bottom around $1676 by settling above $1756 today. The move up is now poised to reach $1770 and likely $1788 during the next few days. The double bottom’s target is $1837.
Natural gas retains a firm bearish outlook even after today’s somewhat surprising bounce. Looking for $2.46 and likely $2.40, which is a potential stalling point, during the next few days. Resistance at $2.59 is expected to hold.
WTI is still stuck in a trading range. Near-term odds lean bearish, but the primary takeaway from today’s analysis is to watch for either a close below $57.2 or above $62.5 in the coming days. Closing beyond either threshold would then call for a test of the longer-term bearish or bullish decision points at $55.7 or $63.8, respectively.
Natural gas has formed a bearish flag that is poised to break lower upon a close below $2.57. Settling below $2.57 will clear the way for $2.51 and lower.
WTI is still stuck in a trading range. Trading is expected to be erratic and somewhat indecisive ahead of the OPEC+ meeting later this week. Even so, an intra-day head and shoulders pattern suggests a test of support within the trading range will like take place tomorrow.
Gold remains indecisive, but the move up from $1673.3 is most likely corrective. Near-term odds lean in favor of a continued decline and a close below $1720 will call for $1707 and possibly lower during the next few days.
Natural gas is hesitant to definitively take out $2.50. However, near-term odds continue to favor $2.45 and then $2.40. Resistance at $2.56 is expected to hold and $2.61 is key.
The near-term outlook for WTI remains bearish and the move down is unfolding as either a five-wave pattern or a three-wave extension. Tomorrow’s move down should shed more light on the wave count. However, in either case, WTI is poised to reach targets in the low $50s.
The outlook for gold in the coming weeks is bearish and the decline is positioned to eventually challenge $1631. The recent move up from $1673.3 is likely corrective and is already showing signs that it might be complete.