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Crude Oil Price Recovery Could Gather Pace Above $76

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Aayush Jindal

Key Highlights

  • Crude oil prices started a recovery wave from the $67.70 zone.
  • A key rising channel is forming with support near $73.80 on the 4-hour chart.
  • Gold prices also gained pace and climbed above the $2,065 resistance.
  • EUR/USD surged above the 1.1040 resistance zone.

Crude Oil Price Technical Analysis

In the past few days, Crude oil prices saw a decent recovery wave from the $67.70 zone. The price surpassed the $70.00 zone to move into a positive zone.

Looking at the 4-hour chart of XTI/USD, the price settled above the $73.50 zone, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour).

The price even broke the $75.00 level and the 61.8% Fib retracement level of the downward move from the $79.61 swing high to the $67.70 low. It is now consolidating gains near the $75.00 zone.

On the upside, the price is facing hurdles near the $75.80 level. The next major resistance is near the $77.20 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $78.00 resistance.

Immediate support is near the $73.60 level. There is also a key rising channel forming with support near $73.80 on the same chart. The next support is at $72.25, below which there is a risk of a sharp decline.

In the stated case, the price could dive toward the $70.00 support. Any more losses might call for a test of the $68.00 support zone.

Looking at gold prices, there was a steady increase and the bulls were able to push the price above the $2,065 resistance zone.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 210K, versus 205K previous.
  • US Pending Home Sales for Nov 2023 (YoY) - Forecast +1%, versus -1.5% previous.
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