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
Natural Gas Price Forecast – September 30, 2020
Natural Gas Technical Analysis and Near-Term Outlook Natural gas held major support at $2.43 and today’s move up implies that a larger test of resistance should take place tomorrow. The move up is still considered to be corrective of the recent decline and must settle above $2.67 to state that the move down might be … Continue reading Natural Gas Price Forecast – September 30, 2020
Crude Oil Price Forecast – September 29, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast WTI crude oil’s move up from $38.87 stalled short of the $41.1 objective and finally proved to be corrective of the decline from $41.72. WTI took out the $39.0 smaller than (0.618) target of the primary wave down from $41.72 and stalled marginally below the 62 percent … Continue reading Crude Oil Price Forecast – September 29, 2020
Gold Price Forecast – September 24, 2020
Gold Technical Analysis and Near-Term Outlook The outlook for December COMEX gold is bearish after breaking lower out of a coil pattern last week and settling below a crucial $1888 objective on Wednesday. The sustained close below $1888, the smaller than (0.618) target of the primary wave down from $2089.2, calls for gold to reach … Continue reading Gold Price Forecast – September 24, 2020
Natural Gas Price Forecast – September 23, 2020
Natural Gas Technical Analysis and Near-Term Outlook October natural gas finally rallied after holding support around $1.82. The prompt month’s move up should be bolstered by rising winter prices and a bullish shift in near-term external factors. October settled below $2.16, the 38 percent retracement of the decline from $2.743 and the XC (2.764) projection. … Continue reading Natural Gas Price Forecast – September 23, 2020
Crude Oil Price Forecast – September 22, 2020
WTI Crude Oil Technical Analysis and Short-Term Forecast The near-term outlook for November WTI crude oil leans bullish after holding the 100-day moving average for the second straight day and holding the 50 percent retracement of the rise from $36.58 on a closing basis. This is a tight call though, and today’s long-legged doji reflects … Continue reading Crude Oil Price Forecast – September 22, 2020
