Crude Oil Price Forecast – April 21, 2020
WTI Crude Oil Price Forecast It has been an unusual few days for WTI crude oil. Negative prompt month May prices on April 20 increased bearish sentiment and weighed heavily on June WTI crude oil today. There are no reversal patterns that indicate the move down has ended. There is a modest chance that today’s … Continue reading Crude Oil Price Forecast – April 21, 2020
Gold Price Forecast – April 16, 2020
The long-term outlook for gold is bullish and prices are still poised to eventually challenge targets above $1800. However, confluent resistance was met around the $1788.8 high, at which point a daily evening star reversal pattern and several bearish divergences formed. In addition, the intra-day wave down from $1788.8 fulfilled its smaller than (0.618) at … Continue reading Gold Price Forecast – April 16, 2020
Natural Gas Price Forecast – April 15, 2020
The outlook for natural gas is firmly bearish and today’s nominal close below $1.60 clears the way for a test of $1.54 and possibly $1.50. These are the intermediate (1.382) and larger than (1.618) targets of the primary wave down from $1.918, respectively. The sub-waves down from $1.813 also show that these two objectives are … Continue reading Natural Gas Price Forecast – April 15, 2020
Crude Oil Price Forecast – April 14, 2020
WTI Crude Oil Price Forecast WTI crude oil briefly fell below $20.0 but held that psychologically important target on a closing basis. Support around $20.0 was stubborn and before the rise to $29.13 just over a week ago. The outlook remains bearish and prices are poised to challenge $19.6 and lower. Yet, given the recent … Continue reading Crude Oil Price Forecast – April 14, 2020
Gold Price Forecast – April 8, 2020
There is little doubt that gold’s decline from $1742.6 is corrective of the larger scale move up. So far, prices have fallen to $1670.7 but have not been able to close below $1679. This is the smaller than (0.618) target of the primary wave down from $1742.6 and the 38 percent retracement of the rise … Continue reading Gold Price Forecast – April 8, 2020
Natural Gas Price Forecast – April 7, 2020
Natural gas rose in an aggressive manner again today and settled above the 62 percent retracement of the decline from $2.044. This suggests prices will likely rise to challenge $2.00 and possibly higher again soon. There are no reversal patterns or setups that call for the move up to stall. However, there is a significant … Continue reading Natural Gas Price Forecast – April 7, 2020
Crude Oil Price Forecast – April 7, 2020
WTI Crude Oil Price Forecast WTI crude oil’s decline from $29.13 accelerated this afternoon and took out the $25.4 and $24.5 targets discussed in yesterday’s update. Based on the primary wave down from $29.13, the move is still poised to challenge the crucial $23.3 objective. This is near the 62 percent retracement of the move … Continue reading Crude Oil Price Forecast – April 7, 2020
Gold Price Forecast – April 2, 2020
Gold rallied today as expected and overcame the $1623 target discussed in yesterday’s update. The move up is now poised to reach $1651. This is the 62 percent retracement of the decline from $1698.0. A close above $1651 would strongly suggest the move down is over. Closing above $1685, the 89 percent retracement and highest … Continue reading Gold Price Forecast – April 2, 2020
Natural Gas Price Forecast – April 1, 2020
May natural gas fell to a new contract low of $1.580 today and settled below the $1.593 larger than (1.618) target of the first wave down from $2.044. The move down is poised to extend. Based on the waves down from $1.782 and $1.731, the prompt month should reach at least $1.56 and likely $1.50. … Continue reading Natural Gas Price Forecast – April 1, 2020
Crude Oil Price Forecast – March 31, 2020
WTI Crude Oil WTI crude oil held support around the psychologically important $20.0 level again and formed a bullish inverted hammer on the daily chart. This suggests the move down is hesitant to break $20.0 and clear the way for the next leg of the move down. Nonetheless, WTI has settled below the smaller than … Continue reading Crude Oil Price Forecast – March 31, 2020

