Aayush Jindal
Key Highlights
- WTI Crude Oil started a fresh increase above $98.00 and $100.00.
- It cleared a key bearish trend line with resistance at $99.20 on the 4-hour chart of XTI/USD.
- Gold is struggling to settle above the $4,760 and $4,780 resistance levels.
- EUR/USD failed to gain pace for a move above 1.1800.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices found support near $90.00 against the US Dollar. The price started a steady upward move above the $95.00 and $96.50 levels.
Looking at the 4-hour chart of XTI/USD, the price settled above $98, 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 $112.44 swing high to the $89.49 low.
Besides, it cleared a key bearish trend line with resistance at $99.20. On the upside, immediate resistance is near the $103.65 level. The first key hurdle for the bulls could be $107.00 and the 76.4% Fib retracement level of the downward move from the $112.44 swing high to the $89.49 low.
A close above $107.00 might send Oil prices toward $112.00. 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 $98.50 zone and the 100 simple moving average (red, 4-hour).
The next support could be $96.20, 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 $88.00.
Looking at Gold, the bears are still active below the key resistance at $4,800. The main support sits at $4,600.
Economic Releases to Watch Today
- US Producer Price Index for April 2026 (MoM) – Forecast +0.5%, versus +0.5% previous.
- US Producer Price Index for April 2026 (YoY) – Forecast +4.9%, versus +4.0% previous.
