Gold Price Forecast – August 13, 2020
Gold Near-Term Outlook Gold was due for a significant test of support, the beginning of which took place on Tuesday. The move down from $2089.2 retraced just over 50 percent of the move up from $1690.1. While this aggressive move down was bearish for the near-term outlook, the move up during the past two days … Continue reading Gold Price Forecast – August 13, 2020
Natural Gas Price Forecast – August 12, 2020
Natural Gas Near-Term Outlook The overall outlook for natural gas is bullish because the move up from $1.583 looks to be forming a five-wave trend. Wave I fulfilled its $2.30 larger than (1.618) target when prices rose to $2.284. This was likely the top of Wave III and the subsequent move down is forming Wave … Continue reading Natural Gas Price Forecast – August 12, 2020
Crude Oil Price Forecast – August 11, 2020
WTI Short-Term Price Forecast The near-term outlook for WTI crude oil leans bearish. Today’s initial move up stalled at the 78 percent retracement of the decline from $43.52. The subsequent move down formed another long upper shadow on the daily candlestick chart. The body of today’s candlestick is too big to be a shooting star, … Continue reading Crude Oil Price Forecast – August 11, 2020
Gold Price Forecast – August 6, 2020
December gold finally settled above $2050 today. This is bullish for the near-term and clears the way for at least $2091 and possibly $2130. Support at $2021 is expected to hold.
Natural Gas Price Forecast – August 5, 2020
Natural gas adopted a bullish outlook after breaking higher out of the months-long trading range. NG should reach $2.30 before a major test of support takes place. $2.13 is expected to hold and $2.03 is key support.
Crude Oil Price Forecast – August 4, 2020
WTI crude oil favors a move to $44.0 during the next few days after brief test of support that should hold $40.8. The $44.0 target is a likely stalling point because it is in line with the 200-day SMA.
Gold Price Forecast – July 30, 2020
Gold Price Forecast The long-term outlook for gold remains bullish. However, August gold futures formed a double top at yesterday’s $1974.9 swing high. Gold had also formed daily high wave candlesticks (or long-legged dojis) earlier in the week that implied the move up was nearing exhaustion. Today’s bearish engulfing line, a KCDpeak, and a KasePO … Continue reading Gold Price Forecast – July 30, 2020
Natural Gas Price Forecast – July 29, 2020
Natural Gas Price Forecast September natural gas settled above the crucial $1.90 level today. This was the smaller than (0.618) target of the primary waves up from $1.583 and $1.646. Most importantly, $1.90 has been near the top of the trading range on the continuation chart since mid-May and was the smaller than target of … Continue reading Natural Gas Price Forecast – July 29, 2020
Crude Oil Price Forecast – July 28, 2020
WTI Crude Oil Price Forecast The long-term outlook for WTI crude oil is bullish. However, WTI continues to trade in a very erratic and indecisive manner in the near-term. The move up looks exhausted and some technical patterns and signals suggest a sizable test of support should take place before the move up continues. However, … Continue reading Crude Oil Price Forecast – July 28, 2020
Gold Price Forecast – July 23, 2020
Gold Price Forecast Gold’s move up finally accelerated this week after breaking higher out of a rectangle pattern on June 30 and then a throwback to test the $1790 breakout point on July 14. The move up has easily overcome targets around $1840 and $1871 this week but stalled this afternoon near $1898. Based on … Continue reading Gold Price Forecast – July 23, 2020
