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
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
