Key Highlights
- WTI Crude Oil prices started a fresh decline below $58.50.
- A key bearish trend line is forming with resistance at $57.00 on the 4-hour chart.
- Gold started a fresh increase above $4,300 and $4,320.
- EUR/USD is consolidating gains above the 1.1680 support zone.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price gained bearish momentum below $60.00 against the US Dollar. It declined below $58.00 and $56.50 to enter a bearish zone.
Looking at the 4-hour chart of XTI/USD, the price even spiked below $55.00. A low was formed at $54.98 on TitanFX, and the price is now consolidating losses. There was a minor recovery above the $55.50 level.
The price climbed above the 23.6% Fib retracement level of the downward move from the $60.53 swing high to the $54.98 low. However, the price remained well below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, immediate resistance is near the $56.80 level. The first key hurdle for the bulls could be $57.00. There is also a bearish trend line forming with resistance at $57.00. The main hurdle sits at $58.50.
A close above $58.50 might send Oil prices toward $59.20. Any more gains might call for a test of $60.00 in the near term. On the downside, the first major support sits near the $55.40 zone.
The next support could be $55.00. A daily close below $55.00 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $53.20.
Looking at Gold, the bulls remained in action, and the price started a fresh increase above the $4,320 resistance.
Economic Releases to Watch Today
- US Consumer Price Index for Nov 2025 (YoY) – Forecast +3%, versus +3% previous.
- US Initial Jobless Claims – Forecast 225K, versus 236K previous.
