#COMMODITY ANALYSIS: #GOLD,#Natural Gas & #WTI #CRUDEOIL FORECAST (28 June 2022)

Gold Forecast: Markets Give Up Early Gains to Kick Off Week

The financial markets are a bit of a mess these days, and gold will reflect that right along with everything else.

Gold markets initially tried to rally on Monday but gave back gains to show signs of weakness yet again. Ultimately, the market is likely to continue to see a lot of volatility and negativity. The gold markets giving up gains near the $1840 level suggests that we could go to the bottom of the overall consolidation area, which is at the $1800 level.

The 200-day EMA is sitting just above the $1850 level and going sideways. That suggests that the market is currently looking for some type of bottom, and the $1800 level could be a huge area. The $1800 level is not only a large, round, psychologically important number, but it is also an area that has seen action in the past, so I do think that it is crucial. If we were to break down below the $1800 level, it’s likely that we go down to the $1750 level rather quickly.

The interest rates in the United States will continue to have a major influence on where the gold market will go next. Ultimately, I think the only thing you can count on here is a lot of volatility, and that being said, the market is going to see swings in both directions, so you need to be very cautious with your position size, and perhaps focus on short-term charts more than anything else. After all, the financial markets are a bit of a mess these days, and gold will reflect that right along with everything else. The US dollar has a negative influence on the gold markets as well, so pay attention to the US Dollar Index. The candlestick for the day suggests more weakness than strength, so you should probably keep that in mind.

WTI Crude Oil Forecast: Price Approaches 50-Day EMA

Looking at this chart, we have much further to go to the upside than down, but if we were to break down below the $100 level, then it would be a very negative turn of events.

The West Texas Intermediate Crude Oil market rallied after initially falling on Monday to show signs of life again. The WTI Crude Oil market is approaching the $110 level and by extension the 50-day EMA. If we can break above all of this, and there is nothing on this chart that suggests that we cannot, then it’s likely that the market will go home much higher. At that point, it’s very likely that the $120 level gets targeted. That’s an area where we have seen resistance previously, so it does make sense that it makes for a nice target. Furthermore, it’s likely that we could even eventually break above there.

The market breaking above the 50-day will be a sign that we are ready to continue going higher, as it has a certain amount of interest that algorithmic traders will pay attention to it as well. Demand for crude oil will continue to strengthen, especially as the attempts to get the UAE to pump more crude oil seem to be somewhat fruitless by both France and the United States. In other words, the supply is going to continue to dwindle. Furthermore, the Strategic Petroleum Reserve of crude oil in the United States is at the lowest level since 1986, and that does no good whatsoever to help the idea of the market trying to pull back. Ultimately, I think that oil has further to go, and especially now that we are in the midst of the “summer driving season” in the United States, demand will certainly pick up again. Looking at this chart, we have much further to go to the upside than down, but if we were to break down below the $100 level, then it would be a very negative turn of events.

Natural Gas Technical Analysis: Volatility Dominates the Market

We expect natural gas to decline correctively during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) increased in their recent trading at the intraday levels, to achieve slight daily gains until the moment of writing this report, by 0.89%, to settle at the price of $6.449 per million British thermal units, after it rose during yesterday’s trading by 3.38% .

Technically, the price is trying with its recent rise to compensate for part of what it incurred from previous losses, and at the same time it is trying to dispose of some of its clear oversold by the relative strength indicators. This is especially with the start of positive signals from them. All of this comes in light of the control of the main bullish trend in the medium term along a slope line , as shown in the attached chart for a time period (daily).

The bearish corrective trend dominates in the short term, with the continuation of the negative pressure for its trading below the simple moving average for the previous 50 days, which means doubling the negative pressures on its upcoming trading.

Therefore, we expect natural gas to decline correctively during its upcoming trading, especially in the event of its stability returning below the 6.361 level, to target the support level 5.660

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