Key Highlights
- WTI Crude Oil started a fresh rally above $76 and $78.
- A key bullish trend line is forming with support at $72.80 on the 4-hour chart of XTI/USD.
- Gold could attempt a recovery if it surpasses the $4,120 resistance.
- EUR/USD seems to be consolidating above the 1.1350 support.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices started a steady increase above $75 against the US Dollar. The price cleared key hurdles near $76 and $78 to enter a positive zone.
Looking at the 4-hour chart of XTI/USD, the price settled above $76.50 and the 100 simple moving average (red, 4-hour). However, the bears seem to be active near the $81.40 zone and the 200 simple moving average (green, 4-hour).
On the downside, the first major support could be near the $76.50 zone. The next support might be $74.50 or the 50% Fibonacci retracement level of the upward move from the $67.40 swing low to the $81.31 high.
The main support could be near a bullish trend line at $72.80 and the 100 simple moving average (red, 4-hour), below which the price could dive and test $70. A daily close below $70 could open the doors for a larger decline. In the stated case, the bears might aim for a drop toward $65.
On the upside, the price could face resistance at $81.50. The next resistance might be $84.00. The first key hurdle for the bulls could be $85.00. A close above $85.00 might send Oil prices toward $88.00.
Looking at Gold, the price might attempt a recovery wave, but it must settle above $4,120 to continue higher.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 217K, versus 215K previous.
- US Retail Sales March 2026 (MoM) – Forecast +0.2%, versus +0.9% previous.
SOURCE LINK : WTI Crude Oil Meets a Tough Barrier—Can Bulls Hold on?
