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WTI Crude Oil Breaks Out – But Can Bulls Keep It Above Resistance?

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Aayush Jindal

Key Highlights

  • WTI Crude Oil prices started a fresh increase above the $68.00 zone.
  • It cleared many hurdles near $68.00 and $68.80 on the 4-hour chart.
  • Gold could extend losses below the $3,300 support.
  • EUR/USD dived and traded below the 1.1500 zone.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil price formed a base above $66.00 against the US Dollar. There was a fresh increase above the $67.00 and $68.00 resistance levels.

Looking at the 4-hour chart of XTI/USD, the price cleared a key bearish trend line with resistance at $67.20. The price even settled above the $68.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).

Finally, the price surpassed the $70.00 level and started a consolidation phase. On the upside, immediate resistance is near the $70.80 level. The first key resistance sits near the $71.20 level.

The main hurdle is now near the $72.00 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $73.50 resistance. Any more gains might call for a test of the $75.00 resistance zone in the near term.

On the downside, the first major support sits near the $69.50 zone. The next support could be $68.50. A daily close below $68.50 could open the doors for a larger decline. The next major support is $66.65. Any more losses might send oil prices toward $65.00 in the coming days.

Looking at Gold, the bears are active below the $3,350 level, and they might aim for a drop toward the $3,250 level.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 224K, versus 217K previous.
  • US Personal Income for June 2025 (MoM) - Forecast +0.2%, versus -0.4% previous.
  • US Core Personal Consumption Expenditure for June 2025 (MoM) - Forecast +0.3%, versus +0.2% previous.
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