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
Natural Gas Price Forecast – July 22, 2020
Natural Gas Price Forecast Natural gas rallied again today after falling to $1.622 in early trading hours. The subsequent move up met the $1.698 equal to (1.00) target of the wave up from $1.605. This wave is now poised to reach its $1.73 intermediate (1.382) target tomorrow. This is also the 38 percent retracement of … Continue reading Natural Gas Price Forecast – July 22, 2020
Crude Oil Price Forecast – July 21, 2020
WTI Crude Oil Price Forecast Today’s move up was bullish for the outlook of WTI crude oil. The August contract settled above $41.2 and September closed above $41.5. This finally confirmed a break higher out of a weeks-long narrowing trading range and clears the way for the next leg of the move up toward at … Continue reading Crude Oil Price Forecast – July 21, 2020
Gold Price Forecast – July 16, 2020
Gold Price Forecast Gold’s move up has been lackluster after breaking higher out of a rectangle pattern on June 30. The move up fulfilled an important target at $1820, but since then, a throwback to test the breakout point of the rectangle around $1790 has taken place. Throwbacks are common and on Tuesday the correction … Continue reading Gold Price Forecast – July 16, 2020
Natural Gas Price Forecast – July 15, 2020
Natural Gas Price Forecast Natural gas could not break support at $1.70 and make the push for $1.66 during the last few days. Support at $1.70 is the larger than (1.618) target of the first wave down from $1.924 (dark cyan) and is marginally below the 50 percent retracement of the rise from $1.517 (blue). … Continue reading Natural Gas Price Forecast – July 15, 2020
Crude Oil Price Forecast – July 14, 2020
WTI Crude Oil Price Forecast WTI crude oil has traded in a narrowing range that likely forms a bullish coil after stalling at $41.08 late last week. Most trend indicators on the daily chart still lean bullish and the wave formations continue to call for another test of $41.2 after holding support near $39.2 today. … Continue reading Crude Oil Price Forecast – July 14, 2020
