Crude Oil Price Forecast – May 19, 2020
WTI Crude Oil Price Forecast The long-term outlook for WTI crude oil is bullish, and based on technical factors, the move up is still poised to challenge the next major objective at $35.1. However, several daily momentum oscillators are overbought, and today’s evening star setup suggests the move up is nearing exhaustion. The challenge, however, … Continue reading Crude Oil Price Forecast – May 19, 2020
Gold Price Forecast – May 14, 2020
This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ration, and gold ETFs. If you are interested in learning more, … Continue reading Gold Price Forecast – May 14, 2020
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
