Crude Oil Price Forecast – December 8, 2020
The long-term outlook for WTI is bullish. However, a confirmed daily RSI divergence and daily bearish doji suggest the pullback from $46.68 should extend a bit lower before the move up continues.
Gold Price Forecast – December 3, 2020
The near-term outlook for gold leans bullish. However, another test of the 200-day moving average around $1819 will probably take place before prices rise much higher. To retain a bullish outlook this level must hold.
Natural Gas Price Forecast – December 2, 2020
The outlook for natural gas is bearish after confirming a small intra-day double top around $3.00 today. Odds favor another test of at least $2.70 and likely major support at $2.66 tomorrow. Resistance at $2.90 is expected to hold.
Crude Oil Price Forecast – December 1, 2020
WTI crude oil’s decline from $46.26 forms a bullish flag that should break higher. However, the wave formation down from $46.26 calls for a test of crucial near-term support at $43.8 first.
Natural Gas Price Forecast – November 25, 2020
January natural gas is poised to challenge $3.09. However, $3.00 is significant resistance and there is technical evidence that calls for a likely test of $2.87 first. Support at $2.87 is expected to hold.
Crude Oil Price Forecast – November 24, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast WTI crude oil has rallied as called for in this week’s forecast and yesterday’s update. Today’s move up was more aggressive than anticipated but fulfilled a confluent target around $45.1. So far, this has proved to be a stalling point. Nonetheless, the decline from today’s $45.2 high … Continue reading Crude Oil Price Forecast – November 24, 2020
Gold Price Forecast – November 19, 2020
Gold Technical Analysis and Near-Term Outlook The near-term outlook for gold remains bearish after holding resistance around $1898 and taking out the $1853.9 swing low today. The move down will likely be a grind for the interim, but the wave formations call for $1843. Settling below this will clear the way for $1825 and then … Continue reading Gold Price Forecast – November 19, 2020
Natural Gas Price Forecast – November 18, 2020
Natural Gas Technical Analysis and Near-Term Outlook Natural gas settled below crucial support around $2.72 for the third straight day. Odds continue to favor a larger decline and a test of the next major objective at $2.51. Falling below $2.68 will call for $2.63, which then connects to $2.51. Nevertheless, Tuesday’s long-legged doji and Wednesday’s … Continue reading Natural Gas Price Forecast – November 18, 2020
Crude Oil Price Forecast – November 17, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast The focus of the WTI analysis is switched to the January 2021 contract today because December will expire on Friday, November 20. The outlook for WTI remains clouded as the market is sorting through a multitude of external factors, most importantly COVID-19 related news, that seems to … Continue reading Crude Oil Price Forecast – November 17, 2020
Gold Price Forecast – November 12, 2020
Gold Technical Analysis and Near-Term Outlook The outlook for gold is bearish and the move down is still in a position to eventually reach $1814. This is the equal to (1.00) target of the primary wave down from $2089.2. The connection to $1814 is made through $1854 and $1841. Nevertheless, today’s $1883.0 high fulfilled the … Continue reading Gold Price Forecast – November 12, 2020
