Highlights

  • Crude Oil price started a steady rise above the $105.00 resistance.
  • A key uptrend line is forming with support near $113.70 on the 4-hours chart.
  • Gold price is consolidating above the $1,900 support zone.
  • The US manufacturing PMI could fall from 57.5 to 56.3 in March 2022 (Prelim).

Crude Oil Price Technical Analysis

After a sharp drop, the price of Crude Oil found support near $95.00 against the US Dollar. The price formed a base and started a fresh rise above the $100.00 resistance.

Looking at the monthly chart of XTI/USD, the price broke through the $105.00 resistance zone and the 200 simple moving average (green, 4-hours). The price climbed above the 50% Fib retracement level of the downward move from the $130 high to $94 low.

It even broke above the $110 level and the 100 simple moving average (red, 4 hours). Additionally, a key uptrend line is forming with support near $113.70 on the same chart.

It is now facing resistance near the $118 area. The next major resistance could be at $121.50 or the 76.4% Fib retracement level of the downward move from the $130 high to $94 low.

Any further gains could send the price towards the $130 level. Otherwise, the price might drop below the $110 level. The next major support is near $105, below which there is a risk of movement towards the $100 level.

When it comes to the price of gold, there were mostly range moves above the $1900 and $1905 levels. To start a new uptick, the price must break above the resistance at $1,950.

Economic releases to watch today

  • German Manufacturing PMI for March 2022 (preliminary) – Forecast 55.8, down from 58.4 previously.
  • Germany Services PMI for March 2022 (preliminary) – Forecast of 53.8, down from 55.8 previously.
  • Eurozone Manufacturing PMI for March 2022 (preliminary) – Forecast 56.0, down from 58.2 previously.
  • Eurozone services PMI for March 2022 (preliminary) – Forecast of 54.2, down from 55.5 previously.
  • US Manufacturing PMI for March 2022 (preliminary) – Forecast 56.3, down from 57.5 previously.
  • US services PMI for March 2022 (preliminary) – Forecast of 56.0, down from 56.5 previously.
  • US Initial Unemployment Claims – Forecast of 212,000, down from 214,000 previously.

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