Aayush Jindal
Key Highlights
- WTI Crude Oil started a recovery wave above $96.50 and $98.00.
- A bullish trend line is forming with support at $99.80 on the 4-hour chart of XTI/USD.
- Gold is grinding lower below the $4,650 support zone.
- EUR/USD seems to be struggling to regain traction for a move above 1.1740.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices found support near $88.00 against the US Dollar. The price started a steady recovery wave above the $90.00 and $92.50 levels.
Looking at the 4-hour chart of XTI/USD, the price settled above $85, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The price cleared the 50% Fib retracement level of the downward move from the $117.73 swing high to the $81.94 low.
On the upside, immediate resistance is near the $103.50 level. The first key hurdle for the bulls could be $104.00 and the 61.8% Fib retracement level of the downward move from the $117.73 swing high to the $81.94 low.
A close above $104.00 might send Oil prices toward $110.00. Any more gains might call for a test of $115.00 in the near term. On the downside, the first major support sits near the $99.50 zone. The next support could be $96.00, below which the price could dive and test $92.00.
A daily close below $92.00 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $85.00.
Looking at Gold, there was a bearish reaction below the $4,680 and $4,650 support levels. The next major bid zone could be $4,500.
Economic Releases to Watch Today
- US Durable Goods Orders for March 2026 – Forecast +0.5% versus -1.3% previous.
- Fed Interest Rate Decision - Forecast 3.75%, versus 3.75% previous.
