Gold Price Forecast – October 29, 2020
Gold Technical Analysis and Near-Term Outlook Gold settled below the 100-day moving average for the second straight day and challenged the $1857 target as called for in yesterday’s update. This confluence point is split around the smaller than (0.618) target of the wave down from $1983.8, the 89 percent retracement of the rise from $1851.0, … Continue reading Gold Price Forecast – October 29, 2020
Natural Gas Price Forecast – October 28, 2020
Natural Gas Technical Analysis and Near-Term Outlook The near-term outlook for natural gas leans bullish. However, this is still a tight call because the $3.37/$3.362 double top is still intact and this week’s move up stalled near the equal to (1.00) target of the wave up from $3.159. Also, today’s Harami candlestick is negative and … Continue reading Natural Gas Price Forecast – October 28, 2020
Crude Oil Price Forecast – October 27, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast The near-term outlook for WTI remains bearish. Although WTI bounced today and settled above yesterday’s midpoint, the move up failed to close above yesterday’s open and held the 38 percent retracement of the decline from $41.9 at $39.7 on a closing basis. Also, the wave formation up … Continue reading Crude Oil Price Forecast – October 27, 2020
Gold Price Forecast – October 22, 2020
Gold Technical Analysis and Near-Term Outlook Gold continues to trade erratically but retains a bearish outlook. Today’s failure to reach $1942 and the move below $1902, the smaller than (0.618) target of the wave down from $1939.4, has shifted near-term odds back in favor of testing $1882. This objective is key because taking out $1882 … Continue reading Gold Price Forecast – October 22, 2020
Natural Gas Price Forecast – October 21, 2020
Natural Gas Technical Analysis and Near-Term Outlook Natural gas overcame $2.96 as called for and challenged the next objective at $3.04. Today’s close well above $2.96 and the psychologically important $3.00 level is bullish for the outlook. This calls for natural gas to challenge at least $3.09 and likely $3.14 during the next few days. … Continue reading Natural Gas Price Forecast – October 21, 2020
Crude Oil Price Forecast – October 20, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast The near-term outlook for WTI crude oil is bullish. For the past few weeks, December WTI has been stuck in a wide range between nominally $37.0 and $42.0 and formed a double bottom around $37.0. Last week, prices oscillated within a smaller range between approximately $39.4 and … Continue reading Crude Oil Price Forecast – October 20, 2020
Gold Price Forecast – October 8, 2020
Gold Technical Analysis and Near-Term Outlook The outlook for gold remains bearish and the move up from $1877.1 is most likely corrective of the recent decline from $1927.0. Closing below $1879 will clear the way for $1855 and lower. Nonetheless, there is a modest chance for a larger test of resistance first, but $1908 is … Continue reading Gold Price Forecast – October 8, 2020
Natural Gas Price Forecast – October 7, 2020
Natural Gas Technical Analysis and Near-Term Outlook Natural gas is settling into a trading range as expected. Near-term technical factors are well balanced, and the narrowing range is forming a coil pattern. In this case, the coil is taking shape after a decline, so odds would normally favor a break lower out of the pattern. … Continue reading Natural Gas Price Forecast – October 7, 2020
Crude Oil Price Forecast – October 6, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast The quantitative outlook for WTI crude oil has become muddled during the past couple of days. Even so, longer-term odds will continue to lean bearish while the $41.72 swing high holds. A deeper test of support is expected tomorrow but given the tug-of-war between bullish and bearish … Continue reading Crude Oil Price Forecast – October 6, 2020
Gold Price Forecast – October 1, 2020
Gold Technical Analysis and Near-Term Outlook The near-term outlook for gold is bullish after settling above the $1851.0 double bottom’s $1911 target today. The move up is poised to reach $1938. This is the highest the wave up from $1851.0 projects and is in line with the 38 percent retracement of the decline from $2089.2. … Continue reading Gold Price Forecast – October 1, 2020
