Key Take-Aways
- The price of crude oil is rising beyond the $70 resistance.
- In the 4-hours chart, it broke a crucial negative trend line that served as resistance near $69.80.
- Over the $1,940 support area, the price of gold is stable.
- The price of Ripple increased above $0.55, outperforming Bitcoin.
On the XTI/USD 4-hours chart, the price was able to break over the $70.00 resistance area. In addition, a crucial negative trend line with resistance near $69.80 was broken by the price.
Further gains over the $72.50 barrier and the 100 simple moving average seemed possible as a result. The price eventually surpassed the 50% Fib retracement level of the decline from the $80.84 swing high to $64.0 low.
The price is meeting resistance in the $74.50 region on the upside. It is close to the level of the 61.8% Fibonacci retracement of the decline from the swing high of $80.84 to the low of $64.0.
The $76.50 area represents the next significant resistance. Another steady rise toward $78.80 or perhaps $80.00 could be possible with a clear break above the $76.50 barrier.
In the $72.20 region, an immediate support is currently developing. Near the $70.00 mark, there is the next significant support. The $64.30 support area may need to be tested in the upcoming days if there are any additional losses.
The bulls were active above the $1,940 support when it came to the price of gold. Above the $2,000 region, the price is still up against a lot of resistance.
Economic News To Trade Today
- The US Unemployment Claims: forecast 196k versus 191k previous
- The US GDP release: Forecast 2.7% versus 2.7% previous.
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