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WTI Crude Oil Faces Renewed Pressure — Bears Eye Another Drop

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Aayush Jindal

Key Highlights

  • WTI Crude Oil prices started a fresh decline from $62.50.
  • A key declining channel is forming with resistance at $61.00 on the 4-hour chart.
  • Gold started a fresh increase above $4,050 and $4,080.
  • The US CPI could increase by 3.0% in Oct 2025 (YoY).

WTI Crude Oil Price Technical Analysis

WTI Crude Oil price struggled above $62.50 against the US Dollar. It started a fresh decline below $61.50 and $61.20 to enter a bearish zone.

Looking at the 4-hour chart of XTI/USD, the price declined below the 50% Fib retracement level of the upward move from the $56.37 swing low to the $62.92 high. The price also settled below $60.50, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).

On the downside, the first major support sits near the $58.85 zone and the 61.8% Fib retracement level of the upward move from the $56.37 swing low to the $62.92 high.

The next support could be $58.00. A daily close below $58.00 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $56.50. Any more losses could open the doors for a test of the $55.00 zone.

On the upside, immediate resistance is near the $60.50 level and the 100 simple moving average (red, 4-hour). The first key hurdle for the bulls could be $61.00. The main hurdle sits at $62.00. A close above $62.00 might send Oil prices toward $63.20. Any more gains might call for a test of $65.00 in the near term.

Looking at Gold, the bulls remained in action, and the price started a fresh increase above the $4,080 resistance.

Economic Releases to Watch Today

  • US Consumer Price Index for Oct 2025 (MoM) – Forecast +0.2%, versus +0.3% previous.
  • US Consumer Price Index for Oct 2025 (YoY) – Forecast +3.0%, versus +3.0% previous.
  • US Initial Jobless Claims - Forecast 223K, versus 218K previous.
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