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.
Gold Price Forecast – January 21, 2021
Gold gained a bit of bullish momentum yesterday and is poised to reach $1885 during the next few days. However, today’s hanging man suggests the move up might be short-lived. Closing below $1829 will confirm a bearish reversal.
Natural Gas Price Forecast – January 20, 2021
Natural gas took a bearish turn during the first half of the week. However, crucial support at $2.51 has held on a closing basis. Also, today’s hammer suggests prices might consolidate into a trading range for the interim.
Crude Oil Price Forecast – January 19, 2021
WTI’s bearish engulfing line and double top around $53.9 are still intact. Near-term odds continue to lean in favor of a deeper test of support. Closing below $52.3 will confirm the double top and clear the way for WTI to fall toward the pattern’s $50.6 target.
Gold Price Forecast – January 14, 2021
The near-term outlook for gold leans bearish. Closing below $1835 will clear the way for $1820 and lower. However, there is some technical evidence that suggest $1873 might be challenged first.
Natural Gas Price Forecast – January 13, 2021
Natural gas adopted a bullish outlook after rising to $2.899 earlier this week. However, the current throwback will likely test $2.66 before the move up continues. Support at $2.66 is expected to hold.
Crude Oil Price Forecast – January 12, 2021
WTI crude oil is overbought and overdue for a significant test of support. However, today’s move up wiped out Monday’s bearish reversal patterns and signals. Therefore, the near-term outlook remains bullish, but caution is warranted.
