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Crude Oil Price Remains Supported As US GDP Approaches

Aayush Jindal

Aayush Jindal

Key Highlights

  • Crude oil price is facing resistance near the $82.40 zone.
  • A key bullish trend line is forming with support near $79.25 on the 4-hours chart.
  • Gold price is consolidating gains above the $1,920 support zone.
  • The US GDP could grow 2.6% in for Q4 2022 (Preliminary), down from 3.2%.

 

Crude Oil Price Technical Analysis

Crude oil price remained strong above the $76.50 resistance against the US Dollar. The price extended gains above the $80.00 resistance zone before it faced sellers.

Looking at the 4-hours chart of XTI/USD, the price traded as high as $82.37. Recently, there was a downside correction below the $81.20 support, but the price stayed well above the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).

There is also a key bullish trend line forming with support near $79.25 on the same chart. On the upside, the price is facing resistance near the $81.20 zone.

The next major resistance is near the $82.40 zone. A clear move above the $82.40 resistance could open the doors for another steady increase towards $85 or even $88.

If not, the price might drop again from $81.20. An immediate support is now forming near the $79.50 zone. The next major support sits near the $77.40 level. Any more losses might call for a test of the $76.20 support zone in the coming days.

Looking at gold price, the bulls are in action above the $1,920 level and they might aim more gains in the near term.

Economic Releases to Watch Today

  • US Durable Goods Orders for Dec 2022 – Forecast +2.5% versus -2.1% previous.
  • US Gross Domestic Product for Q4 2022 (Preliminary) – Forecast 2.6% versus previous 3.2%.