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Crude Oil Price Could Restart Increase Above This Resistance

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Aayush Jindal

Key Highlights

  • Crude oil bulls are aiming for a fresh increase above the $85.00 level.
  • The price broke a key bearish trend line with resistance at $83.50 on the 4-hour chart.
  • Gold prices are consolidating below the $2,350 resistance.
  • Bitcoin prices are recovering higher above the $63,500 resistance zone.

Crude Oil Price Technical Analysis

After a major decline, Crude oil prices found support at the $81.20 zone. The price formed a base and recently started a recovery wave above the $82.50 level.

Looking at the 4-hour chart of XTI/USD, the price broke a key bearish trend line with resistance at $83.50. There was a move above the $83.00 zone and the 200 simple moving average (green, 4-hour).

However, the bears are active near the 100 simple moving average (red, 4-hour) and $84.80. On the upside, the price is facing hurdles near the $84.80 level. The next major resistance is near the $85.00 zone, above which the price may perhaps accelerate higher.

In the stated case, it could even visit the $86.50 resistance. If not, the price might dip lower and test the $83.00 support. The first major support on the downside is near the $82.50 level.

The next major support is at $82.00 or, below which the price might test $80.50. Any more losses might send oil prices toward $80.00.

Looking at Gold, the price remained stable above the $2,300 level and the bulls could now aim for a fresh increase above $2,350.

Economic Releases to Watch Today

  • Euro Zone CPI for April 2024 (YoY, Preliminary) - Forecast +2.4%, versus +2.4% previous.
  • Euro Zone CPI for April 2024 (MoM, Preliminary) - Forecast +0.5%, versus +0.8% previous.
  • Chicago Purchasing Manager’s Index for August 2024 – Forecast 44.9, versus 41.4 previous.
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