Crude Oil Price Forecast – June 30, 2020
WTI Crude Oil Price Forecast The outlook for WTI crude oil is bullish and the recent correction down from $41.63 looks as though it will be short-lived. However, there are still a few negative technical factors that suggest a deeper correction might take place before WTI overcomes $41.2. The wave formation up from $37.08 challenged … Continue reading Crude Oil Price Forecast – June 30, 2020
Gold Price Forecast – June 25, 2020
Gold Price Forecast Since mid-April, gold futures have traded in a sideways range that formed a rectangle pattern between nominally $1670 and $1790. The upper threshold of the pattern was briefly overcome on Wednesday, but $1790 held on a closing basis. Even so, odds favor a break higher out of the pattern. A close above … Continue reading Gold Price Forecast – June 25, 2020
Natural Gas Price Forecast – June 24, 2020
Natural Gas Price Forecast Today, the focus of the natural gas analysis is switched to the August contract due to July’s expiration on Friday, June 26. On a side note, July’s close below $1.60 today puts the prompt month in position to reach at least $1.54 and possibly $1.49 before expiration. However, given the time … Continue reading Natural Gas Price Forecast – June 24, 2020
Crude Oil Price Forecast – June 23, 2020
WTI Crude Oil Price Forecast The long-term outlook for WTI crude oil is bullish. However, the move up stalled at $41.63 today. This was in line with the August contract’s 62 percent retracement of the decline from $54.71. Today’s move up also filled the March 9 gap down from $41.05 on the continuation chart, a … Continue reading Crude Oil Price Forecast – June 23, 2020
Gold Price Forecast – June 18, 2020
Gold Price Forecast Gold futures are trading within the boundaries of a rectangle pattern. This is bullish for the long-term. A close above $1790 will confirm a break higher, clearing the way for the next major targets at $1816 and higher. However, for the past few days gold has struggled to overcome resistance around $1744. … Continue reading Gold Price Forecast – June 18, 2020
Natural Gas Price Forecast – June 17, 2020
Natural Gas Price Forecast The outlook for natural gas is bearish after settling below $1.69 and wiping out the bullish hammer that formed a week ago on June 10. The move down also broke the lower trend line on the continuation chart connecting the $1.519 and $1.595 swing lows. Today’s pullback tested and held this … Continue reading Natural Gas Price Forecast – June 17, 2020
Crude Oil Price Forecast – June 16, 2020
WTI Crude Oil Price Forecast The long-term outlook for WTI crude oil is bullish. The move up is poised to eventually reach $41.8 where it will attempt to fill the July contract’s March 7 gap down from $41.88. However, WTI has desperately been due for a significant correction. Based on this afternoon’s price action, there … Continue reading Crude Oil Price Forecast – June 16, 2020
Gold Price Forecast – June 11, 2020
Gold Price Forecast Gold is trading in a range between nominally $1670 and $1790. This is bullish for the long-term outlook as the range forms a rectangle top, a pattern that breaks higher around 63 percent of the time. The pattern also reflects the significance of $1665 support and $1790 resistance and sets gold up … Continue reading Gold Price Forecast – June 11, 2020
Natural Gas Price Forecast – June 10, 2020
Natural gas fell as called for and finally challenged the crucial $1.69 objective. However, the move down stalled just below $1.69 at $1.674 and then quickly rallied. This formed a spike type bottom on the intra-day chart and a textbook daily hammer. The brevity of the move down felt as though the market needed to … Continue reading Natural Gas Price Forecast – June 10, 2020
Crude Oil Price Forecast – June 9, 2020
WTI Crude Oil Price Forecast The long-term outlook for crude oil remains bullish. However, the move up is due for a significant test of support before rising much higher. During the past couple of days, a few bearish signals have been confirmed that suggest a larger test of support may be underway. Today’s initial move … Continue reading Crude Oil Price Forecast – June 9, 2020
