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Crude Oil Price Stuck In Crucial Range Below $72

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Aayush Jindal

Key Highlights

  • Crude oil price retested the key $66.90 support zone.
  • A crucial resistance is forming near $70.40 and $71.00 on the 4-hour chart.
  • EUR/USD is again struggling to clear the 1.1000 resistance.
  • Gold price is slowly moving lower toward $1,880.

Crude Oil Price Technical Analysis

Crude oil price failed to clear the $72 range resistance against the US Dollar. The price started a fresh decline and traded below the $70.40 support.

Looking at the 4-hour chart of XTI/USD, the price settled below the $70.00 level, the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

It retested the $66.90 support zone. The price is now attempting a fresh increase above the $68.00 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $72.53 swing high to the $66.91 low.

On the upside, the first major resistance is near the $70.40 level and the 100 simple moving average (red, 4-hour). It is close to the 50% Fib retracement level of the recent decline from the $72.53 swing high to the $66.91 low, above which the price may perhaps accelerate higher.

On the downside, initial support is near the $68.00 level. The next major support sits near the $66.90 level. Any more losses might call for a test of the $65.00 support zone in the coming days.

Looking at Gold price, the bears are still in action and there are chances of a move toward the $1,880 support zone in the coming sessions.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 265K, versus 264K previous.
  • US Gross Domestic Product for Q1 2023 (Preliminary) – Forecast 1.3% versus previous 1.3%.
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