Key Highlights
- WTI Crude Oil prices started a major decline below $62.00 and $60.00.
- A connecting bearish trend line is forming with resistance at $60.20 on the 4-hour chart.
- Gold prices might aim for a fresh increase above the $3,350 resistance.
- EUR/USD is holding the 1.1265 zone and could start a decent increase.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price started a major decline from $65.00 against the US Dollar. It declined heavily below the $62.00 and $60.00 support levels.
Looking at the 4-hour chart of XTI/USD, the price settled well below the $58.50 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears even pushed the price below the $56.5 mark. Finally, the price found some support near the $55.50 level.
The price started a consolidation zone and tested the 23.6% Fib retracement level of the downward move from the $65.20 swing high to the $55.52 low.
On the upside, the price is facing hurdles near the $59.20 level. The first key resistance sits near the $60.00 level. There is also a connecting bearish trend line forming with resistance at $60.20 on the same chart.
The main hurdle is now near the $61.50 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $62.50 resistance. Any more gains might call for a test of the $65.00 resistance zone in the near term.
On the downside, the first major support sits near the $55.50 zone. A daily close below $55.50 could open the doors for a larger decline. The next major support is $52.50. Any more losses might send oil prices toward $50.00 in the coming days.
Looking at Gold, there was a recovery wave, and the bulls might aim for a fresh move above the $3,350 resistance.
Economic Releases to Watch Today
- Germany’s Services PMI for April 2025 – Forecast 48.8, versus 48.8 previous.
- Euro Zone Services PMI for April 2025 – Forecast 49.7, versus 49.7 previous.
- UK Services PMI for April 2025 – Forecast 48.9, versus 48.9 previous.
