Crude Oil Price Forecast – June 11, 2024
The outlook for WTI crude oil is bullish after settling above a key technical level at $77.6. However, today’s lackluster move up warns that a test of support might take place first. Support at $76.5 is expected to hold and $75.4 is key support for the near term.
Gold Price Forecast – June 6, 2024
Gold confirmed a small $2335 double bottom and settled above an important retracement of the move down from $2477 today. These factors warn that the move down will fail to confirm a double top that had formed around $2474. They also suggest that gold is readopting a firm bullish outlook.
Natural Gas Price Forecast – June 6, 2024
Natural gas may be consolidating into a range after testing and holding major support at $2.52 late last week. Trading has been indecisive for the past few days. Even so, based on today’s move up, near-term odds favor a test of at least $2.84 and likely $2.88.
Crude Oil Price Forecast – June 4, 2024
WTI crude oil has sustained a close below a bearish decision point at $75.8 for the past two days. The move down is due for a test of resistance, but any move up will likely be a correction. Technical factors call for continued decline; the next major objective is $70.4.
Gold Price Forecast – May 30, 2024
Gold is struggling to take out $2346 support. Today’s doji dampens the odds of a continued decline. However, bearish weekly and daily reversal patterns and signals indicate a deeper test of support is still favored.
Natural Gas Price Forecast – May 29, 2024
July natural gas settled below the 38 percent retracement of the rise from $2.128, indicating the move down is more than a simple profit-taking correction. Settling below $2.64 will call for at least $2.56 possibly a test of support around $2.50 in the coming days.
Crude Oil Price Forecast – May 28, 2024
WTI crude oil is poised to break out of the recent trading range and confirm a double bottom by setting above $80.11. Tomorrow, look for a test of $81.1, a close above which will call for another key target at $82.3 to be challenged in the coming days.
Gold Price Forecast – May 23, 2024
Gold’s pullback from $2454.2 has confirmed several daily bearish reversal signals and has formed weekly bearish patterns and signals that may be confirmed on Friday. These bearish factors imply that a significant test of support will likely unfold in the coming days.
Natural Gas Price Forecast – May 22, 2024
June natural gas’ move up is overextended, overbought, and due for a correction. The challenge is that there are no bearish patterns or confirmed signals that call for the move up to stall. The most probable stalling points are $2.86 and $2.97. Key support for the near-term is $2.67.
Crude Oil Price Forecast – May 21, 2024
WTI crude oil held major resistance at $80.1 Monday and then fell to test confluent support around $77.7 today. This is tight call for the near term and a test of $79.4 will probably take place early tomorrow. Even so, $79.4 should hold as the near-term outlook continues to lean bearish.
