Aayush Jindal
Key Highlights
- WTI Crude Oil declined heavily below $88 and $85.
- A major bearish trend line is forming with resistance at $89.50 on the 4-hour chart of XTI/USD.
- Gold could extend gains if it settles above $4,400.
- Bitcoin started a consolidation phase below the $67,500 resistance.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices declined heavily below $85 and $82 against the US Dollar. The price even dipped below $80 before the bulls stepped in.
Looking at the 4-hour chart of XTI/USD, the price traded as low as $74.55. It settled below $80, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). If there is a recovery wave, the price could face resistance near the 23.6% Fib retracement level of the downward move from the $98.72 swing high to the $74.55 low at $80.25.
The first key hurdle for the bulls could be $83.60. The next resistance might be near the 50% Fib retracement level at $86.60. The main resistance sits near $90.00 and the 100 simple moving average (red, 4-hour).
There is also a major bearish trend line forming with resistance at $89.50. A close above $90 might send Oil prices toward $95. Any more gains might call for a test of $100 in the near term.
On the downside, the first major support sits near the $74.50 zone. The next support could be $72.50, below which the price could dive and test $70.00. A daily close below $70.00 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $65.00.
Looking at Gold, the bears are still active below the key resistance at $4,400. The main support sits at $4,250.
Economic Releases to Watch Today
- US Initial Jobless Claims - Forecast 225K, versus 229K previous.
- Philadelphia Fed Manufacturing Survey for June 2026 – Forecast 10.0, versus -0.4 previous.
