Crude Oil Price Regains Traction, US GDP Next
- Crude oil price is moving higher above the $70 resistance.
- It broke a key bearish trend line with resistance near $69.80 on the 4-hours chart.
- Gold price is stable above the $1,940 support zone.
- Ripple price rallied above $0.55 and outperforming Bitcoin.
Crude Oil Price Technical Analysis
Crude oil price found support near the $64.30 zone against the US Dollar. The price remained stable and started a decent increase above the $68.00 resistance zone.
Looking at the 4-hours chart of XTI/USD, the price was able to clear the $70.00 resistance zone. Besides, the price broke a key bearish trend line with resistance near $69.80.
It opened the doors for more gains above the $72.50 resistance and the 100 simple moving average (red, 4-hours). Finally, the price climbed above the 50% Fib retracement level of the downward move from the $80.84 swing high to $64.0 low.
On the upside, the price is facing resistance near the $74.50 zone. It is near the 61.8% Fib retracement level of the downward move from the $80.84 swing high to $64.0 low.
The next major resistance is near the $76.50 zone. A clear move above the $76.50 resistance could open the doors for another steady increase towards $78.80 or even $80.00.
An immediate support is now forming near the $72.20 zone. The next major support sits near the $70.00 level. Any more losses might call for a test of the $64.30 support zone in the coming days.
Looking at gold price, the bulls were active above the $1,940 support. However, the price is still facing a strong resistance above the $2,000 zone.
Economic Releases to Watch Today
- US Gross Domestic Product for Q4 2022 – Forecast 2.7% versus previous 2.7%.
- US Initial Jobless Claims - Forecast 196K, versus 191K previous.