Crude Oil Price Forecast – July 30, 2024
WTI crude oil settled below a major wave projection at $76.1. This wave now favors a test of $71.5 in the coming weeks. Near-term support at $74.7 held, but the move down is still poised to extend. Tomorrow, look for a test of $74.3, a close below which will call for a decline to the next confluence point at $72.3 in the coming days.
Gold Price Forecast – July 25, 2024
Gold has confirmed a few bearish reversal signals and settled below key wave projections and retracement levels today. The move down is now poised to test at least $2328 and likely lower in the coming days.
Natural Gas Price Forecast – July 24, 2024
The outlook for natural gas leans bearish heading into tomorrow. Support at $2.11 held on a closing basis, but the near-term odds favor a test of $2.06 and likely lower within the next few days. Key resistance for the near-term is $2.26.
Crude Oil Price Forecast – July 23, 2024
WTI crude oil has been quite bearish for the past few days. Major support between $76.1 and $76.6 was challenged today. The move up from $76.4 is likely a correction though, so another test of $76.6 is expected. Closing below $76.1 will confirm a bearish outlook for the coming days and likely the next few weeks.
Gold Price Forecast – July 18, 2024
Gold resumed its uptrend by overcoming August’s $2477 swing high. However, resistance at $2490 held, and a test of $2321 is expected within the next day or so. Therefore, near-term odds lean in favor of testing $2321 before settling above $2490.
Natural Gas Price Forecast – July 17, 2024
Natural gas is poised to test at least $2.00 and likely $1.97 tomorrow. The $1.97 target is a potential stalling point. However, given current technical factors, any move up will likely be a correction because larger waves call for an eventual test of $1.84.
Crude Oil Price Forecast – July 16, 2024
WTI crude oil is poised to test a major target at $80.0 tomorrow. A normal correction of the uptrend should hold $80.0. Settling below $80.0 looks probable though and will call for an extended correction to challenge $78.6 in the coming days.
Gold Price Forecast – July 11, 2024
Gold settled above a crucial $2412 objective today. This implies that the move down from $2477 is complete. Another test of $2431 is expected, a close above which will open the way for a highly confluent target at $2458. Key support for the near term is $2380.
Natural Gas Price Forecast – July 10, 2024
Natural gas is struggling to gain a foothold from which a more significant test of resistance could occur. Based on current technical factors, prices are poised to test $2.26, a close below which will open the way for $2.21 and $2.18 in the coming days.
Crude Oil Price Forecast – July 9, 2024
WTI crude oil’s pullback from $84.52 is likely a correction but is poised to test at least $80.8 and possibly important support at $79.9 within the next few days. Key near-term resistance is $83.2.
