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WTI Crude Oil Rally Gains Steam, Traders Eye Fresh Highs

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Aayush Jindal

Key Highlights

  • WTI Crude Oil prices started a strong increase above $72.00.
  • A key bullish trend line is forming with support at $74.65 on the 4-hour chart of XTI/USD.
  • Gold is now facing resistance near $5,320 and $5,350.
  • EUR/USD took a major hit and declined below 1.1650.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil prices started a steady increase above $70.00 against the US Dollar. The price settled above $72.50 to enter a positive zone.

Looking at the 4-hour chart of XTI/USD, the price cleared the $75.00 resistance, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The price even spiked above $77.50.

A high was formed at $78.04, and the price is still aiming for more gains. On the upside, immediate resistance is near the $78.00 level. The first key hurdle for the bulls could be $78.80. A close above $78.80 might send Oil prices toward $80.00. Any more gains might call for a test of $82.00 in the near term.

On the downside, the first major support sits near the $75.00 zone. There is also a key bullish trend line forming with support at $74.65.

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 the 100 simple moving average (red, 4-hour) at $66.50.

Looking at Gold, the bulls remained in action, but the price seems to be facing strong resistance near the $5,320 level.

Economic Releases to Watch Today

  • US Import Price Index for Jan 2026 (MoM) – Forecast +0.1%, versus +0.2% previous.
  • US Initial Jobless Claims - Forecast 215K, versus 212K previous.
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