WTI Crude Oil Overview
WTI crude oil has been in a downward trend, falling below key levels at $75.00, $73.00, and $72.00 before finding support.
On the 4-hour XTI/USD chart, the price has settled below both the 100 simple moving average (SMA) (red) and 200 SMA (green), signaling a bearish outlook. A low was formed at $70.87, and a minor recovery is underway.
Key Levels & Market Movement
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Resistance Levels:
- $73.50 – Immediate resistance level
- $74.00 – Major resistance, aligning with the 100 SMA
- $75.80 & $78.00 – Potential upside targets if bullish momentum strengthens
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Support Levels:
- $72.20 – Key support level; a daily close below may trigger further losses
- $70.80 – Next major support
- $68.00 – Critical downside target if bearish pressure increases
Gold Market Update
Gold surged past $2,900 but is now seeing a minor pullback. Investors remain cautious ahead of key economic releases.
Upcoming Economic Events to Watch
- UK Q4 2024 GDP (Preliminary) (QoQ):
- Forecast: -0.1% (previous: 0.0%)
- US Initial Jobless Claims:
- Forecast: 215K (previous: 219K)
Market Outlook:
WTI crude oil is at a critical juncture. A sustained move above $74.00 could lead to a bullish breakout, while failure to hold $72.20 may accelerate losses toward $70.80 or lower. Traders will be watching economic data and geopolitical developments for further direction.
