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.
Gold Price Forecast – January 28, 2021
Gold retains a bearish near-term outlook. Barring any random influence from external factors, gold is poised to reach $1817. Closing below this will clear the way for $1802 and lower. Resistance at $1855 is expected to hold and $1874 is the barrier to a renewed positive near-term outlook.
Natural Gas Price Forecast – January 27, 2021
Natural gas is poised to test a bullish decision point at $2.78. However, today’s late pullback from $2.74 suggests a test of $2.62 will probably take place first. Support at $2.62 should hold. Closing below this would signal that prices are settling into a trading range.
Crude Oil Price Forecast – January 26, 2021
WTI crude oil stalled at $53.3 resistance and the subsequent pullback is poised to extend tomorrow. Taking out $51.8 will clear the way for the recent triple top’s $50.6 target.
