Gold Price Forecast – February 6, 2025
Gold’s long-term outlook remains bullish after settling above an important wave projection at $2867 that makes a connection to $3041. However, today’s decline confirmed bearish signals, including a MACD divergence and an overbought RSI. A close below $2854 could trigger a correction to $2840, with deeper support at $2814 and $2784. That said, this is a tight call for tomorrow. If gold overcomes $2894 look for tests of $2914 and possibly another potential stalling point at $2931.
Natural Gas Price Forecast – February 5, 2025
March natural gas held support at $3.16 and rallied to test $3.38, signaling a bullish near-term outlook. A break above $3.38 will target $3.42, with a move past $3.48 opening the door to $3.59. However, a correction of the move up from $3.161 is due soon. Watch for support at $3.29, with $3.23 as a key level to hold. Settling below $3.23 would significantly weaken the bullish outlook.
Crude Oil Price Forecast – February 4, 2025
WTI crude oil tested and important target at $70.6 before bouncing to $73.35, where resistance held. A long-legged doji signals uncertainty, but the near-term outlook remains bearish. A break below $71.6 could lead to $70.6 and $69.6, a longer-term bearish decision point. However, a small bullish flag may be forming. Holding above $72.1 and closing above $73.5 would confirm a breakout toward $74.1 and $75.2. Overcoming $75.2 would shift the odds in favor of testing $76.1.
Gold Price Forecast – January 30, 2025
Gold surged past $2795 and hit the $2825 target, briefly overcoming $2826.3 with a high of $2829.5. While a double top is possible, the wave structure suggests further upside toward $2835 and the key $2849 target. No strong bearish signals are present, but after today’s rally, a test of support could come first. The $2798 midpoint is expected to hold, with key support at $2773. A close below $2773 before another move higher would signal a double top and a deeper pullback.
Natural Gas Price Forecast – January 29, 2025
March natural gas held support at the 200-day SMA ($3.07) and tested resistance at $3.19 but failed to close above it, keeping the near-term outlook bearish. A break below $3.07 could lead to $3.00 and potentially $2.95, signaling a continued bearish reversal. However, an intra-day wave suggests a possible test of $3.21, with a break higher targeting $3.26 and key near-term resistance at $3.34.
Crude Oil Price Forecast – January 28, 2025
WTI crude oil is still poised to decline to $72.2 and possibly $71.5 within the next few days. However, today’s test of Monday’s midpoint warns that the corrective move up from $72.38 could challenge $74.5 and then key near-term resistance at $75.1 first.
Gold Price Forecast – January 9, 2025
Gold has been on the rise again. The move up might still prove to be a correction of the decline from $2761.3, but prices are poised to challenge $2704 and possibly a bullish decision point at $2721 within the next few days. Closing above $2721 will confirm a bullish outlook and open the way for an eventual test of $2793. For now, $2659 is expected to hold, and $2635 is key support for the near term.
Natural Gas Price Forecast – January 8, 2025
Natural gas continues to hold major near-term support at $3.39. Prices also fulfilled a wave projection at $3.68 today that calls for a test of $3.77 and likely $3.85 within the next few days. Settling above $3.85 will imply that the corrective move down from $4.201 is complete. However, volatility remains high so caution is warranted. Taking out $3.52 will call for another attempt to test $3.39.
Crude Oil Price Forecast – January 7, 2025
WTI crude oil shook off Monday’s pullback and is poised to challenge $74.8 again. Closing above this will clear the way for tests of $75.4, $76.0, and possibly $76.7 in the coming days. Key near-term support is $72.7.
Gold Price Forecast – December 12, 2024
Gold’s move up failed to extend after settling above a key wave projection at $2743 that connects to $2808 and higher. Today’s pullback and close below Wednesday’s open was bearish for the outlook ahead of the weekend, suggesting that prices may consolidate again.
