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
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
