#Gold WTI Oil Forecast: GOLD Markets Continue to Find Buyers on Dips| WTI Continues to See Choppiness (30 SEPTEMBER 2022)

Gold Forecast: Markets Continue to Find Buyers on Dips

Keep in mind that we had recently broken through the crucial $1680 level, and that is an area that has been supported more than once over the course of the last few years, and with that being the case it’s likely that the market has further to go.

• Gold markets have initially pulled back a bit during the trading session on Thursday but turned around to show signs of life as we continue the overall volatility in this market.
• The $1680 level above has previously been significant support, so therefore market memory should come back into the situation, resisting show signs of a continuation.
• At this point, any time we see some type of exhaustion in that area, I will be more than willing to short this market.

Keep in mind that the US dollar continues to work against the value of the crypto markets and the risk assets around the world. At this point, I think it’s probably an opportunity to start shorting gold again at the first signs of trouble, but in the short term we may have a little bit of a recovery ahead, just since the US dollar is overbought. If we break down below the bottom of the candlestick for the trading session on Thursday, then that obviously would be very bearish as well. Keep in mind that we had recently broken through the crucial $1680 level, and that is an area that has been supported more than once over the course of the last few years, and with that being the case it’s likely that the market has further to go.

Looking for Opportunities

At this point, I think it’s likely that we could go to the $1500 level, which is a large, round, psychologically significant figure. That area probably causes a little bit of a bounce, but even in a time, I suspect that we probably see this market drop down to the $1200 region, which is essentially a “measured move” of the massive “M pattern” that we can see on the weekly chart.

It’s not until we break above the 50-Day EMA, that I would even remotely consider buying this market. Even then, I’d have to see a pivot by the Federal Reserve or a sudden sharp selloff of the US dollar in general to make this useful. As we rally, I’m looking for signs of opportunity, as the US dollar continues to act like a wrecking ball against almost everything. We are in a downtrend, and that continues to be the case.

WTI Crude Oil Forecast: Continues to See Choppiness

The $80 level underneath of course has a certain amount of support attached to it, and therefore I think you need to recognize that the market could struggle to break through there, but once it does then we would almost certainly go looking to the most recent low.

• The West Texas Intermediate Crude Oil market has shown itself to be very noisy during the session on Thursday as we continue to see a lot of noise. Ultimately, this is a market that I think continues to be a “fade the rally” type of situation.
• The 50-Day EMA is sitting just below the $90 level, and it looks like it is going to continue to drop from here.
• In fact, when you look at the longer-term chart, you can see that it has acted a bit like a significant downtrend line.

I think at this point, any rally must be looked at with suspicion, as crude oil is so highly sensitive to the overall risk appetite of the world, and then of course the growth of economies, as crude oil is the “lifeblood” of any modern economy.

Demand Likely to Stall

This is a scenario where the market will continue to see a lot of choppy volatility, and therefore I think what we have is a situation where the sellers will continue to jump into the marketplace anytime they get an opportunity. The $80 level underneath of course has a certain amount of support attached to it, and therefore I think you need to recognize that the market could struggle to break through there, but once it does then we would almost certainly go looking to the most recent low.

The US dollar strengthening could of course put a bit of negativity in this market as well, so with that being the case is likely that we continue to see a bit of a drift lower. On the other hand, if we were to turn around a break above the $90 level, then it opens the possibility of a bigger move to the upside, but we would need to see economic growth and a loosening of monetary policy to facilitate that growth. I don’t think that this is a situation where crude oil is going to see much demand anytime soon, but we do have a longer-term structural issue that continues to put a little bit of a floor in the market. Furthermore, the Americans announced that they be willing to buy oil at $80 a barrel to replenish the Strategic Petroleum Reserve, but whether they do remains to be seen.

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