#CrudeOil Price Recovery Won’t Be Easy, Hurdles Nearby (28 April 2022)

Posted by Clara Mellor on 21:31 with No comments

 Key Highlights

  • Crude oil price found support near $95.50 and corrected higher.
  • It broke a key bearish trend line with resistance near $100.10 on the 4-hours chart.
  • Gold price could extend losses below $1,890 and $1,880.
  • The US GDP could grow 1.1% in Q1 2022 (Prelim), down from 6.9%.

Crude Oil Price Technical Analysis

After facing rejection near $109.55, crude oil price started a fresh decline against the US Dollar. The price traded below the $105 support to move into a short-term bearish zone.



Looking at the 4-hours chart of XTI/USD, the price traded below the $100 support, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

It traded as low as $95.56 before the bulls appeared. The price started an upside correction above the $98 and $99 levels. There was also a break above a key bearish trend line with resistance near $100.10 on the same chart.

However, the price faced resistance near $102.50 and the 50% Fib retracement level of the downward move from the $109.55 swing high to $95.56 low.

The main resistance on the upside is near the $104.20 level. A clear move above the $104.20 resistance zone could open the doors for a steady move towards the $110 resistance level. The next major resistance might be near the $115 level.

If there is no upside break, the price could start another decline below $98. The next major support is near $95.50, below which there is a risk of a move towards the $93.25 level. Any more losses might call for a test of the $85 support.

Looking at the gold price, the bears remained active below the $1,920 level. A close below $1,890 and $1,880 might spark a sharp decline.

Economic Releases to Watch Today

  • German Consumer Price Index for April 2022 (YoY)
  • German Consumer Price Index for April 2022 (MoM)
  • US Gross Domestic Product for Q1 2022 (Preliminary)

For more forex gold Indices analysis, Signals and Account management services text me on my telegram: Claramellor

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