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Crude Oil Price Consolidate Gains Above Key Support

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Aayush Jindal

Key Highlights

  • Crude oil started a downside correction from the $87.70 level.
  • A connecting trend line is forming with support at $84.00 on the 4-hour chart.
  • Gold prices might aim for a fresh increase above the $2,400 resistance zone.
  • Bitcoin price consolidated below the $65,000 resistance zone.

Crude Oil Price Technical Analysis

After a steady increase above $84.80, Crude oil prices faced hurdles. The price traded as high as $87.70 before there was a downside correction.

Looking at the 4-hour chart of XTI/USD, there was a drop below the $86.50 and $85.50 support levels. However, the bulls were active above the $84.00 zone and the 100 simple moving average (red, 4-hour).

The price is now consolidating above the $84.00 support zone. There is also a connecting trend line forming with support at $84.00 on the same chart. On the upside, the price is facing hurdles near the $86.20 level.

The next major resistance is near the $86.50 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $87.70 resistance.

If not, the price might dip lower and test the $84.50 support. The first major support on the downside is near the $84.00 level and the trend line. The next major support is at $82.00 or the 200 simple moving average (green, 4-hour), below which the price might test $80.50. Any more losses might send oil prices toward $80.00.

Looking at Gold, the price remained stable above the $2,320 level and the bulls could now aim for a fresh increase above $2,400.

Economic Releases to Watch Today

  • UK Consumer Price Index for March 2024 (YoY) – Forecast +3.1%, versus +3.4% previous.
  • UK Core Consumer Price Index for March 2024 (YoY) – Forecast +4.1%, versus +4.5% previous.
  • Euro Zone CPI for March 2024 (YoY) - Forecast +2.4%, versus +2.4% previous.
  • Euro Zone CPI for March 2024 (MoM) - Forecast +0.8%, versus +0.8% previous.
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