Key Highlights
- WTI Crude Oil started a fresh decline from the $94.00 zone.
- A bearish trend line is forming with resistance at $80.50 on the 4-hour chart of XTI/USD.
- Gold prices are consolidating and might rise if it closes above $4,200.
- EUR/USD could start another increase if it clears 1.1560.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices failed to surpass $94.00 against the US Dollar. The price started a fresh decline and traded below the $85.00 support zone.
Looking at the 4-hour chart of XTI/USD, the price gained bearish momentum below $82.00 and the 100 simple moving average (red, 4-hour). The bears even pushed the price below $80.00 and the 200 simple moving average (green, 4-hour).
If the bears remain in action, there could be more losses. On the downside, the first major support could be near the $74.50 zone. The next support might be $72.80. The main support might be $70.00.
A close below $70.00 might even push the price toward $68.00. Any more losses could open the doors for a push below $66.20. On the upside, the price could face resistance at $78.10. The next resistance might be $80.50 and a connecting bearish trend line.
The first key hurdle for the bulls could be $82.50 and the 100 simple moving average (red, 4-hour). A close above $82.50 might send Oil prices toward $85.00.
Looking at Gold, the price started a decent increase, but it must settle above $4,200 to continue higher in the near term.
Economic Releases to Watch Today
- US ISM Services Index for July 2026 – Forecast 54.5, versus 54.0 previous.
- US ADP Employment Change for July 2026 – Forecast 70K, versus 98K previous.
