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WTI Crude Oil Struggles To Extend Gains, Risk of Another Drop?

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Aayush Jindal

Key Highlights

  • WTI Crude Oil prices started a recovery wave from $57.20.
  • A key bearish trend line is forming with resistance at $60.30 on the 4-hour chart.
  • Gold started a fresh increase above $4,150 and $4,180.
  • EUR/USD is consolidating below the 1.1650 resistance zone.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil price found support near $57.20 against the US Dollar. It started a recovery wave above the $58.20 and $58.50 levels.

Looking at the 4-hour chart of XTI/USD, the price surpassed the 50% Fib retracement level of the downward move from the $60.95 swing high to the $57.18 low. However, the bears remained active near the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

On the upside, immediate resistance is near the $59.60 level. The first key hurdle for the bulls could be $60.00. The main hurdle sits at $60.50. There is also a bearish trend line forming with resistance at $60.30.

A close above $60.50 might send Oil prices toward $62.20. Any more gains might call for a test of $65.00 in the near term.

On the downside, the first major support sits near the $58.60 zone. The next support could be $58.30. A daily close below $58.30 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $56.20. Any more losses could open the doors for a test of the $55.00 zone.

Looking at Gold, the bulls remained in action, and the price started a fresh increase above the $4,180 resistance.

Economic Releases to Watch Today

  • Euro Zone Services PMI for Sep 2025 – Forecast 53.1, versus 53.1 previous.
  • UK Services PMI for Sep 2025 – Forecast 50.5, versus 50.5 previous.
  • US S&P Services PMI for Sep 2025 – Forecast 55.0, versus 55.0 previous.
  • US ISM Manufacturing Index for Sep 2025 – Forecast 52.1, versus 52.4 previous.
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