Gold Price Forecast – October 10, 2024
December gold’s decline from $2708.7 is still poised to test at least $2607 and possibly $2594 within the next few days. However, today’s bullish piercing pattern and test of the 20-day moving average warn that the corrective move down might already be complete.
Natural Gas Price Forecast – October 9, 2024
Natural gas continues to decline after testing the crucial $3.00 level last week. The move down is still a correction on the continuation chart. However, key support at $2.66 for the November contract has been taken out. This implies that November’s move up from $2.439 is complete and that prices may fall to a new contract low in the coming weeks.
Crude Oil Price Forecast – October 8, 2024
WTI crude oil has been on a wild ride during the past few weeks. Today’s bearish engulfing line warns that a reversal will continue to unfold in the coming days. However, a resurgence of the geopolitical risk that drove prices to these levels is still a concern.
Gold Price Forecast – October 3, 2024
Gold retains a bullish outlook. However, a confirmed daily RSI overbought signal after testing an important target at $2702 warns that a significant correction might take place. Gold must settle below $2632 to confirm that such a move will occur.
Natural Gas Price Forecast – October 2, 2024
Natural gas rose to challenge $3.00 today. This is an important technical and psychological level and a potential stalling point. The outlook remains bullish but the test of $3.00 and a series of daily bearish candlesticks warn that a correction might take place first. Support at $2.79 is expected to hold. Key support is $2.75.
Crude Oil Price Forecast – October 1, 2024
Today’s rally was bullish for the outlook of WTI crude oil in the coming days. However, key resistance levels were held today. Therefore, today’s rise may prove to be an overreaction to geopolitical factors. The key levels for tomorrow are $71.1 and $72.1 on the upside and $68.2 on the downside.
Crude Oil Price Forecast – September 24, 2024
WTI crude oil is poised to challenge a key target at $72.8 tomorrow. This objective is in line with the lower trend line of a wedge pattern that broke lower on the continuation chart the week ended September 10. A sustained close above $72.8 will confirm a bullish reversal is underway.
Crude Oil Price Forecast – September 17, 2024
WTI crude oil has quickly recovered after briefly settling below major support at $66.5 on September 10. However, the move up could be a corrective throwback after breaking out of a coil pattern on the daily October chart and a wedge on the weekly continuation chart on September 3. The lower trend line of these patterns around $72.5 will likely be tested within the next day or so.
Gold Price Forecast – September 12, 2024
December gold broke higher out of a bullish wedge after forming a shortfall within the pattern last Friday. Gold also settled above an important resistance area between $2565 and $2570. A target at $2586 held, but the move up is now poised to challenge $2605 and higher.
Natural Gas Price Forecast – September 11, 2024
Natural gas has entered a period of consolidation in recent weeks that will likely lead to an eventual break higher. Resistance at $2.30 has been resilient, but another test of this target is expected. Settling above $2.30 will confirm a $1.856 double bottom on the continuation chart and open the way for $2.39 and likely $2.46 in the coming weeks. Key support for the near-term outlook is $2.14.
