Crude Oil Price Forecast – February 23, 2021
WTI stalled just below a crucial technical target at $63.2 and the subsequent intraday pullback from $63.0 calls for a deeper test of support tomorrow. Falling below $60.7 will call for $59.8 and possibly lower. Settling below $58.4 would serve as a strong warning that a much more significant test of support is finally underway.
Gold Price Forecast – February 18, 2021
Gold is poised to challenge a major target and bearish decision point at $1759. Settling below this will call for an eventual decline to $1631 in the coming months. However, today’s inverted hammer warns that the move down might stall soon. Even so, any move up will most likely prove to be corrective of the decline.
Natural Gas Price Forecast – February 17, 2021
Natural gas rallied again today and has nearly met a crucial bullish decision point at $3.34. This is a potential stalling point. However, given external factors currently gripping the market, a sustained close above $3.34 will clear the way for potentially much higher prices during the next few weeks.
Crude Oil Price Forecast – February 16, 2021
WTI rallied again today and settled above the psychologically important $60.0 level. The move up is still due a deeper test of support, but odds now favor a continued rise toward the next major objective and potential stalling point at $63.2.
Gold Price Forecast – February 11, 2021
Gold is poised to test $1812 tomorrow after forming a bearish engulfing line and breaking the neckline of an intra-day complex head and shoulders pattern. This is a crucial target, a close below which will clear the way for $1776 and lower.
Natural Gas Price Forecast – February 10, 2021
Natural gas is poised to overcome crucial resistance at $2.99 and challenge at least $3.06 tomorrow. There is little technical evidence that suggests the move up will stall again. However, although doubtful, should $2.99 hold and prices fall there is potential for a head and shoulder reversal pattern to form.
Crude Oil Price Forecast – February 9, 2021
WTI crude oil is poised to challenge a crucial target at $59.1. However, today’s hanging man and overbought momentum oscillators warn that the move up is nearing exhaustion. Therefore, $59.1 is a potential stalling point.
Gold Price Forecast – February 4, 2021
Gold has taken on a bearish tone again after breaking out of a flat ascending triangle. The move down is poised to challenge $1779. This is a potential stalling point, but any move up from this level will most likely prove to be another short-lived correction.
Natural Gas Price Forecast – February 3, 2021
The near-term outlook for natural gas is bearish. A completed shooting star and the waves down from $3.005 call for a test of $2.73 and likely $2.69 during the next day or so. The decline could still prove to be a short-lived correction, but prices must overcome $2.91 to have a legitimate shot at challenging resistance around $2.99 again.
Crude Oil Price Forecast – February 2, 2021
WTI crude oil has broken higher out of the recent corrective trading range and the next leg of the uptrend is underway. The move up is poised to extend to at least $56.5. This is a potential stalling point. Even so, any move down will likely prove to be corrective as the larger waves will favor $57.6 and higher upon a sustained close above $55.5.
