Recently, crude oil prices have shown an upward trend, aiming for a move above the $80.00 resistance zone. The 4-hour chart of XTI/USD reveals a key expanding triangle with resistance at $82.50. After breaking the $80.00 resistance, the price encountered some hurdles. Despite settling above the 200 simple moving average and the 100 simple moving average, there was a minor pullback at the $82.20 zone. A drop below $81.80 level led to a test of the 23.6% Fib retracement level. Moving forward, the price faces obstacles near $82.20 and potential resistance at $83.20. A break above this level could signal further upward movement to reach $84.50. However, failure to pass the current resistance levels may initiate a downside correction towards support zones at $80.50, $79.60, and potentially $78.50.
On the other hand, Bitcoin experienced a significant drop below the $60,000 level, with the bulls now attempting a recovery wave from $58,500. This price action indicates volatile market conditions that can influence the overall cryptocurrency landscape. It remains to be seen whether Bitcoin can regain positive momentum and break through key resistance levels to resume its upward trajectory.
In contrast to crude oil and Bitcoin, gold prices have been grinding lower from the $2,365 resistance level. This downtrend suggests a shift in investor sentiment towards safe-haven assets like gold. Factors such as inflation concerns, geopolitical tensions, and market volatility can contribute to fluctuations in gold prices. Investors are closely monitoring these developments to assess the impact on their investment portfolios and risk management strategies.