Key Highlights
- WTI Crude Oil prices started a fresh decline below the $60.00 support.
- A key bearish trend line is forming with resistance at $61.00 on the 4-hour chart.
- Gold rallied further to a new all-time high above $4,200.
- Bitcoin is attempting to recover, but upside might be capped near $115,000.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price failed to stay above $62.50 against the US Dollar. There was a strong bearish reaction below $62.00 and $60.00.
Looking at the 4-hour chart of XTI/USD, the price settled below $60.00, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Finally, the bulls appeared near the $57.70 level.
A low was formed at $57.69 before there was a minor recovery wave. However, the bears are still active below $60.00. On the upside, immediate resistance is near the $60.00 level.
The first key hurdle for the bulls could be $60.30 and the 50% Fib retracement level of the downward move from the $62.92 swing high to the $57.69 low. The main hurdle sits at $61.00. There is also a key bearish trend line forming with resistance at $61.00.
A close above $61.00 might send Oil prices toward the 100 simple moving average (red, 4-hour) at $62.40. Any more gains might call for a test of $63.50 in the near term.
On the downside, the first major support sits near the $58.00 zone. The next support could be $57.50. A daily close below $57.50 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $55.00. Any more losses could open the doors for a test of the $50.00 handle.
Looking at Gold, the bulls remained in action, and they pushed the price to a new all-time high above the $4,200 level.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 223K, versus 218K previous.
- US Retail Sales for Sep 2025 (MoM) – Forecast +0.4%, versus +0.6% previous.
- US Producer Price Index for Sep 2025 (MoM) – Forecast +0.3%, versus -0.1% previous.
- US Producer Price Index for Sep 2025 (YoY) – Forecast +2.6%, versus +2.6% previous.
