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WTI Crude Oil Trim Losses, Risk of More Losses Increase

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Aayush Jindal

Key Highlights

  • WTI Crude Oil started a fresh decline from the $94.00 zone.
  • A bearish trend line is forming with resistance at $80.50 on the 4-hour chart of XTI/USD.
  • Gold prices are consolidating and might rise if it closes above $4,200.
  • EUR/USD could start another increase if it clears 1.1560.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil prices failed to surpass $94.00 against the US Dollar. The price started a fresh decline and traded below the $85.00 support zone.

Looking at the 4-hour chart of XTI/USD, the price gained bearish momentum below $82.00 and the 100 simple moving average (red, 4-hour). The bears even pushed the price below $80.00 and the 200 simple moving average (green, 4-hour).

If the bears remain in action, there could be more losses. On the downside, the first major support could be near the $74.50 zone. The next support might be $72.80. The main support might be $70.00.

A close below $70.00 might even push the price toward $68.00. Any more losses could open the doors for a push below $66.20. On the upside, the price could face resistance at $78.10. The next resistance might be $80.50 and a connecting bearish trend line.

The first key hurdle for the bulls could be $82.50 and the 100 simple moving average (red, 4-hour). A close above $82.50 might send Oil prices toward $85.00.

Looking at Gold, the price started a decent increase, but it must settle above $4,200 to continue higher in the near term.

Economic Releases to Watch Today

  • US ISM Services Index for July 2026 – Forecast 54.5, versus 54.0 previous.
  • US ADP Employment Change for July 2026 - Forecast 70K, versus 98K previous.
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