Gold Price Forecast – July 9, 2020
Gold Price Forecast Gold finally broke higher out of the rectangle pattern that began to form in mid-April. A sustained close above $1790 confirmed the break high and the next objective around $1820 has already been met. The move up stalled at $1829.8, and today’s decline suggests a test of the $1790 breakout point might … Continue reading Gold Price Forecast – July 9, 2020
Natural Gas Price Forecast – July 8, 2020
Natural Gas Price Forecast Natural gas has adopted a bullish outlook for the remaining summer months after rallying to a high of $1.924. This was the equal to (1.00) target of the August contract’s primary wave up from $1.517 and was in line with the 50-day moving average. However, today’s bearish engulfing line calls for … Continue reading Natural Gas Price Forecast – July 8, 2020
Crude Oil Price Forecast – July 7, 2020
WTI Crude Oil Price Forecast The long-term outlook for WTI crude oil is bullish. However, prices are struggling to overcome a crucial target at $41.2. This is a highly confluent projection for the waves and sub-waves up from $20.28 and the larger than (1.618) target of the primary wave up from $37.08 on the August … Continue reading Crude Oil Price Forecast – July 7, 2020
Gold Price Forecast – July 2, 2020
Gold Price Forecast Gold closed above $1790 on June 30. This was bullish for the long-term outlook because $1790 is the upper threshold of a rectangle pattern that prices have been trading in since mid-April. Based on the wave formations, the move up should extend to at least $1820 and likely much higher in the … Continue reading Gold Price Forecast – July 2, 2020
Natural Gas Price Forecast – July 1, 2020
Natural Gas Price Forecast After prompt month natural gas prices fell to a 25 year low of $1.432 late last week prices quickly bounced to challenge important resistance at $1.77. A move like this is common after such a significant decline but does not necessarily mean a bottom has been made. So far, resistance at … Continue reading Natural Gas Price Forecast – July 1, 2020
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
