Thu, Feb 02, 2023 @ 18:08 GMT
HomeContributorsTechnical AnalysisCrude Oil Price Regains Strength, US GDP Revised Higher To 2.9%

Crude Oil Price Regains Strength, US GDP Revised Higher To 2.9%

Key Highlights

  • Crude oil price started a fresh increase above the $78 resistance.
  • It broke a major bearish trend line with resistance near $78.75 on the 4-hours chart.
  • Gold price started a consolidation phase above the $1,725 support.
  • The US ISM Manufacturing Index could drop from 50.2 to 49.8 in Nov 2022.

Crude Oil Price Technical Analysis

Crude oil price started a fresh increase from the $74.00 support zone against the US Dollar. The price gained pace and traded above the $78.00 resistance zone.

Looking at the 4-hours chart of XTI/USD, there was a break above a major bearish trend line with resistance near $78.75. It opened the doors for a move above the $80.00 resistance, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

The price even cleared the $80.30 swing high and tested the 1.236 Fib extension level of the downward move from the $80.31 swing high to $73.95 low.

On the upside, the price might face sellers near the $82.45 zone. The next major resistance is near $83.00, above which the price could test $85.00 resistance.

A clear move above the $85.00 resistance could open the doors for another steady increase in the coming sessions. An immediate support is now forming near the $80.00 zone.

The next major support is near $79.40 zone. Any more losses might call for a test of the $78.50 support zone or the 100 simple moving average (red, 4-hours).

Looking at gold price, there was a steady increase above the $1,720 and $1,725 resistance. It is now consolidating gains and eyeing more upsides.

Economic Releases to Watch Today

  • Germany’s Manufacturing PMI for Nov 2022 – Forecast 46.7, versus 46.7 previous.
  • Euro Zone Manufacturing PMI for Nov 2022 – Forecast 47.3, versus 47.3 previous.
  • UK Manufacturing PMI for Nov 2022 – Forecast 46.2, versus 46.2 previous.
  • US Manufacturing PMI for Nov 2022 – Forecast 47.6, versus 47.6 previous.
  • US ISM Manufacturing Index for Nov 2022 – Forecast 49.8, versus 50.2 previous.
  • US Initial Jobless Claims – Forecast 235K, versus 240K previous.
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