Aayush Jindal
Key Highlights
- WTI Crude Oil prices started a decent increase above the $61.50 level.
- A key rising channel is forming with support at $61.40 on the 4-hour chart.
- Gold prices managed to climb above the $3,240 resistance.
- EUR/USD is recovering and might aim for a move above the 1.1380 resistance zone.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price found support at $58.50 and recovered against the US Dollar. There was a move above the $60.00 and $60.50 resistance levels.
Looking at the 4-hour chart of XTI/USD, the price settled above the $61.20 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
The bulls even pushed the price above $64.00 before the bears appeared. It seems like the price struggled near the $64.50 resistance zone. There was a pullback below the 38.2% Fib retracement level of the upward move from the $60.45 swing low to the $64.53 high.
On the downside, the first major support sits near the $61.40 zone. There is also a key rising channel forming with support at $61.40 on the same chart.
A daily close below $61.40 could open the doors for a larger decline. The next major support is $60.50 and the 100 simple moving average (red, 4-hour). Any more losses might send oil prices toward $58.00 in the coming days.
On the upside, the price is facing hurdles near the $64.00 level. The first key resistance sits near the $64.50 level. The main hurdle is now near the $65.00 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $66.50 resistance. Any more gains might call for a test of the $68.00 resistance zone in the near term.
Looking at Gold, there was a fresh increase above $3,240, but the bears might remain active near the $3,350 level.
Economic Releases to Watch Today
- US Initial Jobless Claims - Forecast 230K, versus 229K previous.
- US Existing Home Sales for April 2025 (MoM) - Forecast +0.1%, versus -5.9% previous.
