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
Crude Oil Price Forecast – February 11, 2020
WTI Crude Oil The near-term outlook for WTI crude oil leans negative. Today’s long upper shadow and close below $50.0 does not bode well for bulls. Even so, major support at $49.3, the smaller than (0.618) target of the primary wave down from $71.83 has held so far. Therefore, there is still a reasonable chance … Continue reading Crude Oil Price Forecast – February 11, 2020
Natural Gas Price Forecast – February 5, 2020
The long-term outlook for natural gas remains bearish and the recent move up from $1.804 is most likely corrective. However, Tuesday’s confirmed daily bullish RSI divergence and the wave up from $1.804 call for a larger test of resistance before the decline continues. Today, natural gas stalled just below $1.84 support and the subsequent move … Continue reading Natural Gas Price Forecast – February 5, 2020
