Natural Gas Price Forecast – May 13, 2020
June natural gas broke support at $1.66 and fell to a new contract low of $1.595. Based on the waves and sub-waves down from $2.162 this is a highly confluent objective and a potential stalling point. Nonetheless, closing below $1.59 will call for $1.53, the last target protecting the continuation chart’s $1.519 swing low. Settling … Continue reading Natural Gas Price Forecast – May 13, 2020
Crude Oil Price Forecast – May 12, 2020
WTI Crude Oil Price Forecast WTI rallied today but stalled short of the crucial $26.3 objective. The long-term outlook for WTI is bullish, but the move up is still due a larger test of support before rising much higher. In addition, with product prices sliding and a negative near-term outlook for Brent, WTI will be … Continue reading Crude Oil Price Forecast – May 12, 2020
Gold Price Forecast – May 7, 2020
Gold’s formation of a bullish engulfing line today strongly suggests that the primary wave down from $1788.8 may fail to meet its $1642 equal to (1.00) target as previously expected. Instead, prices are poised to rise and challenge at least $1752, which then connects to $1764. Overcoming $1764 would call for a move above the … Continue reading Gold Price Forecast – May 7, 2020
Natural Gas Price Forecast – May 6, 2020
Natural gas could not overcome Tuesday’s $2.162 swing high and make the push for key resistance and the gateway for a much more bullish outlook at $2.21. Instead, prices fell and took out the 38 percent retracement of the move up from $1.649. This is bearish for the near-term but doe not mean that the … Continue reading Natural Gas Price Forecast – May 6, 2020
Crude Oil Price Forecast – May 5, 2020
WTI Crude Oil Price Forecast WTI crude oil has adopted a firm bullish outlook for the near-term. Today’s close above $21.8, the equal to (1.00) target of the primary wave up from $6.50), and $24.5, the smaller than (0.618) target of the sub-wave up from $10.07, opens the way for $26.5 and possibly $29.3 during … Continue reading Crude Oil Price Forecast – May 5, 2020
Gold Price Forecast – April 30, 2020
The June gold contract stalled just below the $1741 target discussed in yesterday’s update before falling and taking out the $1704.1 swing low. The move down held key support at $1688. However, this is the smaller than (0.618) target of the primary wave down from $1788.8. Therefore, meeting $1688 implies that a larger downward correction … Continue reading Gold Price Forecast – April 30, 2020
Natural Gas Price Forecast – April 29, 2020
Natural gas is settling into a wide trading range as expected. Today, prices fell to challenge $1.86, the 62 percent retracement of the move up from $1.765. This is a potential stalling point but based on the waves down from $2.100 and $2.018 odds lean in favor of falling to $1.82. A test of resistance … Continue reading Natural Gas Price Forecast – April 29, 2020
Crude Oil Price Forecast – April 28, 2020
WTI Crude Oil Price Forecast WTI crude oil held crucial support at $11.0 on a closing basis and formed a bullish hammer today. Sentiment remains firmly bearish, but today’s prices action suggests a test of $15.0 will probably take place before prices fall below $10.0. Closing above $15.0 will complete the hammer and clear the … Continue reading Crude Oil Price Forecast – April 28, 2020
Gold Price Forecast – April 23, 2020
The outlook for gold is bullish and the move up is poised to extend to the next major objective at $1798. However, the wave formation up from $1666.2 is due for a pullback. Therefore, a test of support is expected before $1798 is overcome on a sustained closing basis. Gold held important support around $1665 … Continue reading Gold Price Forecast – April 23, 2020
Natural Gas Price Forecast – April 22, 2020
As expected in the weekly Commentary, prompt month natural gas prices have been trading in an erratic manner this week. Crucial resistance at $1.95 has held on a closing basis so far, but today’s move up invalidates yesterday’s bearish dark cloud cover. Based on this and the waves up from $1.521, $1.555, and $1.774, natural … Continue reading Natural Gas Price Forecast – April 22, 2020
