Key Highlights
- WTI Crude Oil prices started a decent increase above $63.50.
- A key bullish trend line is forming with support at $63.70 on the 4-hour chart.
- Gold started a fresh increase above $4,950 and $5,000.
- EUR/USD found support near 1.1780 and corrected some losses.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price started a decent increase above $61.50 against the US Dollar. The price settled above $62.50 to enter a positive zone.
Looking at the 4-hour chart of XTI/USD, the price tested the $65.25 zone before there was a downside correction. The price retested the $62.50 support and recently recovered some losses. It remained well above 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 $65.30 level. The first key hurdle for the bulls could be $66.50. A close above $66.50 might send Oil prices toward $68.00. Any more gains might call for a test of $70.00 in the near term.
On the downside, the first major support sits near the $63.70 zone. There is also a key bullish trend line forming with support at $63.70. The next support could be $62.40 and the 100 simple moving average (red, 4-hour).
A daily close below $62.40 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $60.50 and the 200 simple moving average (green, 4-hour).
Looking at Gold, the bulls remained in action, and the price started a fresh increase above the $5,000 resistance.
Economic Releases to Watch Today
- US nonfarm payrolls for Jan 2026 – Forecast 70K, versus 50K previous.
- US Unemployment Rate for Jan 2026 – Forecast 4.4%, versus 4.4% previous.
