Key Highlights
- WTI Crude Oil prices started a major decline below $68.00 and $65.00.
- It traded below a key contracting triangle with support at $68.50 on the 4-hour chart.
- Gold prices corrected gains and traded below the $3,020 support.
- Bitcoin took a major hit and traded below the $80,000 level.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price started a major decline from $72.50 against the US Dollar. It declined heavily below the $68.00 and $65.00 support levels.
Looking at the 4-hour chart of XTI/USD, the price traded below a key contracting triangle with support at $68.50. The bears even pushed the price below the $62.00 mark. Finally, the price found some support near the $59.00 level.
The price started a consolidation zone, but remained below the 23.6% Fib retracement level of the downward move from the $72.39 swing high to the $59.01 low.
It is also well below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the price is facing hurdles near the $61.80 level. The first key resistance sits near the $62.20 level.
The main hurdle is now near the $64.00 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $67.50 resistance. Any more gains might call for a test of the $70.00 resistance zone in the near term.
On the downside, the first major support sits near the $59.00 zone. A daily close below $59.00 could open the doors for a larger decline. The next major support is $57.40. Any more losses might send oil prices toward $55.00 in the coming days.
Looking at Gold, there was a strong downside correction, and the bears pushed the price below the $3,050 and $3,020 support levels.
Economic Releases to Watch Today
- NFIB Business Optimism Index for March 2025 – Forecast 101.3, versus 100.7 previous.
