Platinum price faced fresh negative pressure, causing it to incur some losses after touching the $1675.50 level before attempting to test the broken support positioned near $1705.00. We note that a negative close below this support would confirm the price’s readiness to form strong bearish waves, with expectations of initially targeting $1660.00 before attempting to reach the next target at $1605.00.
As for confirming a recovery of the uptrend, the price would need to stage a strong bullish surge and stabilize above the barrier at $1840.00. This would pave the way for further gains, with the price gradually targeting $1880.00 and $1950.00.
The expected trading range for today is between $1660.00 and $1740.00.
Despite the bearish implications of this week’s price action, support has held at $4,111, leaving open the possibility that a decisive rally above Friday’s high could lead to a test of resistance near the falling 20-day moving average near $4,285, which is also close to the week’s high of $4,285, or a minor lower swing high at $4,316. The downtrend prevails unless there is a recovery of the lower swing high and the 50-day moving average, currently near $4,326. Therefore, Friday’s failed push above resistance keeps the bearish structure intact, while a break below $4,103 would provide the next confirmation that the correction is extending lower.
If you’d like to know more about how to trade gold and silver, please visit our educational area.
That being said, it is difficult to get long on crude oil heading into a weekend that could bring anything that we can imagine as far as headlines. I think this is probably something that should be thought about over the next couple of days, and maybe Monday we’ll have more of a clear picture.
The situation in Iran just is never going to end, it seems, and that, of course, has a major influence on what’s going on here.
The weekly chart shows this week’s range contained within last week’s range, reflecting consolidation on that timeframe. It also provides key support and resistance levels, at $2.912 and $3.18, respectively. Another important development is that this week is set to close above support represented by the 200-week moving average near $2.997 and the 20-week moving average around $2.985.
Both failed to hold as support earlier in the week, but quick reclaims within the week show that support has been retained near those moving averages. Therefore, Friday’s bullish outside day is occurring as natural gas remains above important weekly support, giving the short-term reversal signal a stronger technical foundation.
At 9:15 a.m. Eastern Time today, oil was priced at $103.37 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a gain of $0.39 drop compared with yesterday morning and around $37.41 higher than the price one year ago.
Oil price per barrel
% Change
Price of oil yesterday
$103.86
-0.47%%
Price of oil 1 month ago
$97.34
+6.19%
Price of oil 1 year ago
$65.96
56.72%
Price of oil yesterday
Oil price per barrel
$103.86
% Change
-0.47%%
Price of oil 1 month ago
Oil price per barrel
$97.34
% Change
+6.19%
Price of oil 1 year ago
Oil price per barrel
$65.96
% Change
56.72%
Will oil prices go up?
It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.
How oil prices translate to gas pump prices
Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.
Since crude oil generally makes up a majority of the per-gallon cost, changes in its price have an outsized impact. When oil surges, gas prices typically rise in tandem. But when oil retreats, gas prices often lag on the way down, a trend sometimes described as “rockets and feathers.”
The role of the U.S. Strategic Petroleum Reserve
In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is energy security in case of disaster (think sanctions, severe storm damage, even war). But it can also go a long way toward softening crippling price hikes during supply shocks.
It’s not a long-term answer and is more meant to provide temporary relief, assisting consumers and keeping critical parts of the economy running, like key industries, emergency services, public transportation, etc.
How oil and natural gas prices are linked
Both oil and natural gas are key sources of the energy we use every day. Because of this, a big change in oil prices can affect natural gas. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which increases demand for natural gas.
Historical performance of oil
To gauge oil’s performance, we often turn to two benchmarks:
Brent crude oil, the main global oil benchmark.
West Texas Intermediate (WTI), the main benchmark of North America
Between these two, Brent better represents global oil performance because it prices much of the world’s traded crude. And, it’s often the best way to track historical oil performance. In fact, even the U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook.
Looking at the Brent benchmark across several decades, oil has been anything but steady. It’s seen spikes due to factors such as wars and supply cuts, and it’s also seen crashes from global recessions and an oversupply (called a “glut”). For example:
The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
Prices dropped in the mid-1980s for reasons such as lower demand and more non-OPEC oil producers entering the industry.
Prices spiked again in 2008 with increased global demand, but it soon plummeted alongside the global financial crisis.
During the 2020 COVID lockdown, oil demand collapsed like never before—bringing prices below $20 per barrel.
All to say, oil’s historical performance has been anything but smooth. Again, it’s hugely affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.
Energy coverage from Fortune
Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:
Frequently asked questions
How is the current price of oil per barrel actually determined?
The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.
How often does the price of oil change during the day?
The price of oil updates constantly when the “futures” markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.
How does U.S. shale oil production affect the current price of oil?
In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we’ll have—and the more easily oil prices can keep from spiking as much thanks to a greater supply.
How does the current price of oil impact inflation and the broader economy?
When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it’s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it’s more expensive to get those products from warehouses and farms onto the shelf.
2026.10.02 2026.10.02 WTI Crude Oil: Elliott Wave Analysis and Forecast for 02.10.26–09.10.26
Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
The article covers the following subjects:
Major Takeaways
Main scenario: Consider long positions from corrections above 87.70 with a target of 105.17–115.50. A buy signal: the price holds above 87.70. Stop Loss: below 86.20, Take Profit: 105.17–115.50.
Alternative scenario: Breakout and consolidation below 87.70 will allow the asset to continue declining to the levels of 79.25–67.00. A sell signal: the level of 87.70 is broken to the downside. Stop Loss: above 89.20, Take Profit: 79.25–67.00.
Main Scenario
Consider long positions from corrections above 87.70 with a target of 105.17–115.50.
Alternative Scenario
Breakout and consolidation below 87.70 will allow the asset to continue declining to the levels of 79.25–67.00.
Analysis
On the weekly chart, a descending correction has likely finished developing as the second wave of larger degree (2) and an ascending third wave (3) is forming. On the daily time frame, the first wave of smaller degree 1 of (3) has apparently formed, a downward correction has been completed as the second wave 2 of (3), and the third wave 3 of (3) is developing, with wave i of 3 unfolding as its part. On the H4 time frame, wave (iii) of i is developing, with a local correction completed as wave iv of (iii) within it. If the presumption is correct, WTI will continue to rise to 105.17–115.50 within wave v of (iii). The level of 87.70 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 79.25–67.00.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USCRUDE in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
U.S. dollar is losing some ground against a broad basket of currencies in a volatile trading session. However, the American currency managed to rebound from session lows, supported by higher Treasury yields. As a result, dollar’s dynamics were neutral for gold markets today.
Gold failed to settle above the $4200 level and pulled back below the support at $4160 – $4180. In case gold stays below the $4160 level, it will head towards the next support, which is located in the $4000 – $4020 range.
On the upside, a move above the $4200 level will push gold towards the resistance level at $4300 – $4320.
The U.S. Dollar Index eased after the report, falling from a session high at 102.132 to near 101.74. It remains above the 50-day moving average at 99.94 after a sharp run higher. The dollar gave gold some room Friday. Control of the currency trade is another matter.
That’s why gold couldn’t hold the first spike. The metal got a weaker jobs report, lower October hike odds, a lower 10-Year yield and a softer dollar. It still couldn’t take out the 61.8% level.
What to Watch
The payrolls report pushed the October rate trade out of the way. Friday’s bounce is running on short-end relief. Gold still needs the long end of the bond market to follow it lower. The 10-Year and the dollar backed off Friday without breaking anything on their charts.
The bias is to the downside with the main trend down on the swing chart. The jobs report gave gold a chance to repair the break and it stalled before the 61.8% level at $4,230.51. Spot Gold is still trading under the 50% level at $4,319.61 and the 50-day moving average at $4,327.50. This week’s low at $4,110.87 is the level underneath.
If you’d like to know more about how to Spot Gold, please visit our educational area.
Natural gas futures weekly chart showing price at 2.934, below both EMAs and the 3.000 level, after the sharp spike in early 2026. Source: TradingView.
The natural gas market has fallen pretty significantly during the course of the week, but we still remain somewhat in the same range we’ve been in for a while. Ultimately, this is a market that has been very attracted to the $3 level, and it’s probably worth noting that $3, being a large, round, psychologically significant figure, does make a certain amount of sense. This is also a market that might get a lot of momentum based on the idea that the Europeans may be running a little short on energy
Platinum price faces negative pressures by providing a positive close above $1705.00 level, to begin forming some gains by its stability near $1735.00. The stability of the trading above $1705.00 is important to increase the chances of attacking the barrier near $1840.00, where surpassing it will confirm its readiness to form a strong bullish trend to target 1880.00 level.
While the return of the fluctuation below $1705.00 will force it to resume the bearish corrective attempts, which forced it to suffer new losses by reaching $1660.00 and $1605.00.
The expected trading range for today is between $1700.00 and $1840.00
