Crude Oil Price Forecast – August 6, 2024
WTI crude oil tested and held major support and a bearish decision point for the coming months at $71.5 on Monday. So far, the move up from $71.67 looks like a correction, so near-term odds lean in favor of challenging $71.5 again within the next few days. Caution is warranted though because this is an area where a solid correction and even a bullish reversal could occur.
Gold Price Forecast – August 1, 2024
December gold is still poised to challenge a key objective at $2514 that connects to $2586 and higher. However, resistance at $2507 held, and today’s pullback from $2506.6 warns that a test of $2465 and possibly $2440 might occur first. Key support for the coming days is $2421.
Natural Gas Price Forecast – July 31, 2024
Natural gas held resistance at $2.15 and is now poised to test $2.00 and likely a highly confluent and important target at $1.97. The $1.97 objective is another potential stalling point, but any move up will likely be a correction without a significant and lasting bullish shift in underlying fundamentals.
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.
