Key Highlights
- Crude oil bulls gained pace above the $80.00 resistance.
- A connecting bearish trend line is forming with resistance at $82.35 on the 4-hour chart.
- Gold prices consolidated gains above the $2,150 resistance zone.
- Bitcoin price faced heavy resistance near the $71,500 zone.
Crude Oil Price Technical Analysis
After forming a base above the $76.80 level, Crude oil prices started a major increase. The bulls pushed the price above the $80.00 resistance zone.
Looking at the 4-hour chart of XTI/USD, there was a steady drift above the $81.20 level, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour).
A new multi-week high was formed at $83.56 before the price started a minor downside correction. There was a move below the $82.50 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $76.82 swing low to the $83.56 high.
However, the bulls are active near the $81.00 zone and the 100 simple moving average (red, 4-hour). On the upside, the price is facing hurdles near the $82.50 level.
The next major resistance is near the $83.50 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $85.00 resistance.
If not, the price might correct lower and test the $80.20 support. The first major support on the downside is near the $79.40 level. The next major support is at $78.80, below which the price might test $77.20. Any more losses might send oil prices toward $75.00.
Looking at Gold, the price started a downside correction below the $2,200 level but the bulls remain in control for more upsides.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 215K, versus 210K previous.
- US Pending Home Sales for Feb 2024 (YoY) – Forecast +1.5%, versus -4.9% previous.
