Natural Gas Price Forecast – October 23, 2024
Natural gas rallied late this afternoon and confirmed bullish momentum signals that warn a bullish reversal, or at least a solid test of resistance, is underway. Closing above $2.53 will provide more substantial evidence that a reversal will continue to unfold.
Crude Oil Price Forecast – October 22, 2024
WTI crude oil’s move up during the past couple of days reflects a bullish shift in near-term sentiment. The move up may still prove to be a simple correction of the decline from $77.7 but must continue to hold $71.8 on a closing basis. Given today’s rise and marginal close below $71.8, this looks doubtful.
Gold Price Forecast – October 17, 2024
Gold rose to a new December contract high of $2712.7 and settled above a key wave projection at $2702. The move up is now poised to $2720 and likely $2732 and higher in the coming days. No technical factors suggest the move up will stall before reaching at least $2720.
Natural Gas Price Forecast – October 16, 2024
November natural gas settled below an important $2.46 target and took out the $2.439 swing low today. November is now poised to fall to be a new contract low and challenge a key area of support between $2.27 and $2.30.
Crude Oil Price Forecast – October 15, 2024
WTI crude oil fell to challenge major support between $69.9 and $69.3 today. This area held and the subsequent move up warns that a test of $72.1 might take place first. Even so, a test of resistance will likely be a correction. Settling below $69.3 will confirm a bearish outlook and clear the way for $66.8 and lower.
Gold Price Forecast – October 10, 2024
December gold’s decline from $2708.7 is still poised to test at least $2607 and possibly $2594 within the next few days. However, today’s bullish piercing pattern and test of the 20-day moving average warn that the corrective move down might already be complete.
Natural Gas Price Forecast – October 9, 2024
Natural gas continues to decline after testing the crucial $3.00 level last week. The move down is still a correction on the continuation chart. However, key support at $2.66 for the November contract has been taken out. This implies that November’s move up from $2.439 is complete and that prices may fall to a new contract low in the coming weeks.
Crude Oil Price Forecast – October 8, 2024
WTI crude oil has been on a wild ride during the past few weeks. Today’s bearish engulfing line warns that a reversal will continue to unfold in the coming days. However, a resurgence of the geopolitical risk that drove prices to these levels is still a concern.
Gold Price Forecast – October 3, 2024
Gold retains a bullish outlook. However, a confirmed daily RSI overbought signal after testing an important target at $2702 warns that a significant correction might take place. Gold must settle below $2632 to confirm that such a move will occur.
Natural Gas Price Forecast – October 2, 2024
Natural gas rose to challenge $3.00 today. This is an important technical and psychological level and a potential stalling point. The outlook remains bullish but the test of $3.00 and a series of daily bearish candlesticks warn that a correction might take place first. Support at $2.79 is expected to hold. Key support is $2.75.
