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Daily Technical Breakdown: Oil Drops to Four-year Low As Fears of Recession Grow

Wednesday April 9 2025 14:19
Oil drops to four-year low as fears of recession grow

Gold (XAUUSD)

Gold prices recovered after yesterday’s decline below the $3,000 level. During the London session on Wednesday, the precious metal pushed beyond $3,040 per ounce. Now facing the psychological level of $3,050. The next resistance level for gold is $3,100 preceding the double top at $3,120.

Gold (XAUUSD)

Dow Jones Index (DJ30ft – US30)

After forming a double bottom in the 36,000 range, Dow Jones Industrial Average experienced a rebound towards 38,000 points. With the RSI above 50%, there’s still room for the index to push higher. It’s important to note the next resistance level at 38,000 which also coincides with Moving Average MA(30).

Dow Jones Index (DJ30ft – US30)

WTI CRUDE Oil (USOUSD)

Oil is still bearish as the price of barrel fell below $60 following the increasing recession fears. And with the RSI still far from the oversold area, more price drops are possible in the upcoming days.

WTI CRUDE Oil (USOUSD)
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