Natural gas price continued forming negative pressures to keep its positive stability above the bullish channel’s support at $3.050, forming weak sideways trading due to the contradiction of the main indicators by providing negative momentum in the last period.

Note that the stability above the support level makes us wait for gathering the bullish momentum, to ease the mission of forming bullish waves, to target $3.450 reaching $3.910 level, while breaking the support and holding below it will force it to resume the decline, suffering big losses by reaching $2.850 and $2.660.

The expected trading range for today is between $3.000 and $3.450

Trend forecast: Bullish

Despite the weakness of copper price’s last trading, the stability below $5.9700 level and providing bearish momentum by stochastic reaching below50 level makes us keep the bearish corrective scenario in the near-period trading, reminding you that the initial targets is located near $5.7200 and $5.5100 level.

While breaching the barrier and holding above it will reinforce the chances of forming new bullish waves, attempting to record some extra gains by reaching $6.1200.

The expected trading range for today is between $5.5100 and $5.9500

Trend forecast: Bearish

Gold is trading around $5,056 on the 4-hour chart, staying above the key $5,000 level after bouncing from the $4,540 low. The price is within the 0.382 ($4,854) to 0.618 ($5,138) Fibonacci retracement zone, which suggests a steady recovery instead of a full reversal.

Recent candlesticks have tight bodies and small pullbacks, showing steady demand near $4,996, where the 50-period moving average acts as support. A downward trendline from the $5,598 high is still present, keeping pressure near the $5,138 resistance. If price breaks above $5,138, it could move toward $5,303. If it falls below $4,855, attention may turn back to $4,680.

Trade idea: Consider buying if price moves above $5,140, with a stop below $4,855 and a target of $5,300.

Silver Price Forecast: XAG/USD Compresses Near $82 as Triangle Break Looms

If a prediction from the U.S. Energy Information Administration is accurate, natural gas users better hang on tight for the next two months.

Natural gas prices, based on an EIA study, will skyrocket 40%.

EIA raises natural gas price forecast following increased heating demand amid severe winter weather

Natural gas prices rose sharply in January, averaging $7.72 per million British thermal units (MMBtu), as cold weather increased heating demand, reduced production, and led to record storage withdrawals during Winter Storm Fern. The drawdown for the week ending January 30 was the largest weekly net withdrawal recorded in the history of EIA’s Weekly Natural Gas Storage Report.

In the February Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) now forecasts U.S. natural gas inventories to end the withdrawal season in late March at less than 1.9 trillion cubic feet. This is 8% below previous forecasts, prompting the forecast for the Henry Hub spot price for February and March to be 40% higher than last month’s STEO.

“Winter Storm Fern caused significant short-term pressure on natural gas markets, but we expect higher prices in the near term will increase drilling, resulting in higher production later this year and helping to replenish storage,” said EIA Administrator Tristan Abbey. “Ultimately, this will result in lower natural gas prices next year than we had forecast. Our updated forecast anticipates Henry Hub prices will average $4.30/MMBtu in 2026 and $4.40/MMBtu in 2027, 5% lower than our January forecast.”

Other key takeaways from the February STEO are below.

• 
  Venezuela. The evolving situation in Venezuela remains a key uncertainty in our forecast for oil production and exports. In January, Venezuela’s crude oil exports began to recover following December’s oil blockade and sanctions, as trading companies received general licenses to transport Venezuela’s oil, according to industry reports. Much of this oil was moved to Caribbean storage terminals. Expanded U.S. licenses are expected to restore production to pre-blockade activity by mid-2026.

• Global oil prices. The Brent crude oil price averaged $67 per barrel (b) in January, the highest since September 2025. Prices rose because of weather-related disruptions and escalating tensions with Iran. EIA expects these factors to be short term and forecasts oil prices to decline in 2026 as global oil production exceeds global oil demand, leading to higher oil inventories. Global inventories are expected to continue increasing at a slower pace in 2027. EIA forecasts the Brent crude oil price will average $58/b in 2026 and $53/b in 2027.

• Natural gas production. Severe winter weather across the United States led to a 3% decline in U.S. natural gas production from December to January. However, EIA expects most of this production to be back online in early February. By the second half of 2026, EIA expects production to increase as new pipeline capacity comes online in the Permian Basin and producers raise drilling activity in response to higher prices earlier in the year. Overall, U.S. dry natural gas production inthe forecast increases by 2% in 2026 and by 1% in 2027.

• Electricity generation. Higher electricity demand in the forecast reflects increased economic activity and growth in data centers, primarily in Texas and the mid-Atlantic regions. EIA expects that most of this demand will be met by increased renewable electricity generation.

• Coal markets. EIA raised the forecast for total U.S. coal consumption after coal-fired power plants increased generation to meet peak electricity demand during recent cold weather. In January, power plants in the United States used million short tons of coal, which is 10% higher than estimated in the January STEO. This increase was supported by a 7% rise in U.S. electricity consumption from December to January.

EIA completed STEO modeling and analysis for this report on February 5, 2026, and therefore this month’s STEO report does not include the Petroleum Supply Monthly or Natural Gas Monthly data published on February 6, 2026.

The GBPJPY pair activated with stochastic negativity this morning, forming some extra bearish waves after breaking the extra support at 212.85, announcing its readiness to resume the previously suggested bearish corrective attack, to settle near 212.40.

We expect reaching 212.00 level soon, which forms an intraday obstacle against the negative attempts, note that surpassing it will reinforce the chances of reaching corrective stations, that is located near 211.10 and 210.60.

The expected trading range for today is between 211.60 and 212.90

Trend forecast: Bearish

Copper prices forced to provide slow trading recently, due to the contradiction between the main indicators, fluctuating near $5.8500 level without recording any new corrective target.

Reminding you that the stability below $5.9700 barrier makes us keep the bearish corrective scenario, which might target $5.7200 level reaching $5.5100 support, while breaching the barrier will reinforce the chances of forming new bullish waves, to attempt to record extra gains by reaching $6.1200.

The expected trading range for today is between $5.5100 and $5.9500

Trend forecast: Bearish

A sustained move over $5002.31 will indicate the presence of buyers, setting the stage for a potential breakout to the upside over the Fibonacci level at $5143.89. A breakdown under $5002.31 will mean that investors still feel the need to continue to build a stronger support base for the next rally.

The overall hesitation to overcome the retracement zone at $5002.31 to $5143.89 with conviction could be an indication that investors are looking for value rather than momentum.

Long-Term Bullish Foundation Still Intact

The long-term bullish fundamentals remain in place. A recent report showed that China was still a buyer of gold in January for a 15th straight month, and the geopolitical picture remains clouded with uncertainty. Maybe not enough to trigger a breakout rally, but enough to provide underlying support.

Traders are saying that improved risk appetite for global equities could be capping gains today. If that’s the case, then we may have to focus on the S&P 500 Index later today for an intraday catalyst. They are also looking at this week’s U.S. economic reports for direction, starting with today’s retail sales and finishing with Wednesday’s Non-Farm Payrolls report and Friday’s consumer inflation data.

NFP and CPI Will Determine the Next Move

It all comes down to what will influence Fed policy the most. What could move the Fed rate cut needle from June to March or maybe even June to September.

Gold traders expect the NFP report to show the economy added 70,000 jobs in January. Steady or better numbers could sink gold prices because it will keep the odds of a June rate cut on the table and could even push them into September. A big miss, and gold will launch another rally.

Natural gas price needs bullish momentum, forcing it to provide new mixed trading by its repeated stability near $3.250, reminding you that the bullish scenario remains valid due to the stability above the bullish channel’s support at $3.030, to keep waiting for gathering bullish momentum, to ease the mission of its rally above $3.450 and reaching the initial target near $4.000.

While breaching strong bearish pressure and reaching below the main support, so that will confirm its move to a new negative phase, which forces it to suffer new losses by reaching $2.850.

The expected trading range for today is between $3.100 and $3.500

Trend forecast: Bullish

Copper prices forced to provide slow trading recently, due to the contradiction between the main indicators, fluctuating near $5.8500 level without recording any new corrective target.

Reminding you that the stability below $5.9700 barrier makes us keep the bearish corrective scenario, which might target $5.7200 level reaching $5.5100 support, while breaching the barrier will reinforce the chances of forming new bullish waves, to attempt to record extra gains by reaching $6.1200.

The expected trading range for today is between $5.5100 and $5.9500

Trend forecast: Bearish