Key Highlights
- WTI Crude Oil prices started a recovery wave from the $62.00 support.
- The price surpassed a declining channel with resistance at $63.50 on the 4-hour chart.
- Gold is showing positive signs and might gain pace if it clears the $3,375 resistance.
- Bitcoin is trimming gains and might even decline below $110,000.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price remained supported above $62.00 against the US Dollar. A base was formed, and the price started a recovery wave above $63.20.
Looking at the 4-hour chart of XTI/USD, the price surpassed a declining channel with resistance at $63.50. The price climbed above the 23.6% Fib retracement level of the downward move from the $71.19 swing high to the $62.08 low.
The price is now trading above the 100 simple moving average (red, 4-hour). On the upside, immediate resistance is near the $65.50 level. The first key hurdle for the bulls could be near the 200 simple moving average (green, 4-hour) at $65.90.
A close above $65.90 might send Oil prices toward the 50% Fib retracement level of the downward move from the $71.19 swing high to the $62.08 low at $66.60.
Any more gains might call for a test of $68.00 in the near term. On the downside, the first major support sits near the $64.20 zone. The next support could be $63.50. A daily close below $63.50 could open the doors for a larger decline.
In the stated case, the bears might aim for a drop toward $62.00. Any more losses could open the doors for a test of the $60.00 handle.
Looking at Gold, the bulls are slowly regaining strength and might soon aim for a move above the $3,380 pivot level.
Economic Releases to Watch Today
- US Durable Goods Orders for July 2025 – Forecast -4.0% versus -9.3% previous.
- US House Price Index for June 2025 (MoM) – Forecast 0%, versus -0.2% previous.
- S&P/Case-Shiller Home Price Indices for June 2025 (YoY) – Forecast +2.2%, versus +2.8% previous.
