Key Highlights
- WTI Crude Oil started a fresh rally above $82 and $85.
- A bullish trend line is forming with support at $84.80 on the 4-hour chart of XTI/USD.
- Gold started a fresh recovery and cleared the $4,080 resistance.
- EUR/USD trimmed gains and might decline below 1.1375.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices started a steady increase above $80 against the US Dollar. The price cleared key hurdles near $82 and $85 to enter a positive zone.
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). If the bulls remain in action, they could aim for a push above $90.
On the upside, the price could face resistance at $91.20. The next resistance might be $92.00. The first key hurdle for the bulls could be $93.50. A close above $93.50 might send Oil prices toward $98.00.
On the downside, the first major support could be near the $85.50 zone. The next support might be $84.80. There is also a bullish trend line forming with support at $84.80. The main support for the current wave might be near the 76.4% Fibonacci retracement level of the upward move from the $78.46 swing low to the $89.04 high at $80.95.
A close below $80.95 might even push the price toward the 200 simple moving average (green, 4-hour) at $78.50. Any more losses could open the doors for a push below the 100 simple moving average (red, 4-hour).
Looking at Gold, the price started a decent increase, but it must settle above $4,150 to continue higher in the near term.
Economic Releases to Watch Today
- ECB Press Conference.
- ECB Monetary Policy Statement.
- US Initial Jobless Claims – Forecast 212K, versus 208K previous.
- Chicago Fed National Activity Index for June 2026 – Forecast -0.11, versus -0.10 previous.
