In recent days, crude oil prices have shown a strong upward movement, surpassing the $80.00 resistance level. The price broke through the $80.00 mark, but encountered resistance as it approached higher levels. Upon examining the 4-hour chart of XTI/USD, it can be seen that the price has managed to settle above both the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). Despite this, the price did experience a slight setback after testing the $82.20 zone. Following this, there was a decline below the $81.80 level, leading the price to test the 23.6% Fibonacci retracement level of the upward movement from the $77.97 swing low to the $82.19 high. Currently, the price is encountering obstacles near the $82.20 level, with a key expanding triangle forming and resistance at $82.50 on the same chart. The next significant resistance level lies around $83.20, above which the price could potentially see a further increase to $84.50. However, failure to breach these resistance levels might prompt a downward correction. In such a scenario, the initial major support is expected near the $80.50 level, with subsequent support at $79.60 or the 61.8% Fibonacci retracement level. Further losses could drive oil prices towards $78.50 or the 100 simple moving average over the next few sessions.
Meanwhile, the cryptocurrency market saw Bitcoin undergo a sharp decline below the $60,000 level. Currently, Bitcoin is in the process of mounting a recovery wave from the $58,500 mark.
Gold prices, on the other hand, have been exhibiting a downward trajectory from the $2,365 resistance level. This trend suggests a bearish outlook for gold in the near term.
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