On Tuesday (January 7th) during the European trading session, WTI crude oil experienced a slight decline. Recently, the price of West Texas Intermediate (WTI) crude oil began a new round of rise, breaking above the $71.50 mark. On the 4-hour chart, an uptrend line is forming with support at $71.20.

The price of West Texas Intermediate (WTI) crude oil has gained support around the $68.80 range. After a bottom was formed, the price began a new round of upward movement, breaking through $70.00.

From the 4-hour trend chart of West Texas Intermediate (WTI) crude oil, the pace of price increase has accelerated, breaking through the resistance zone of $71.50, the 100 period simple moving average, and the 200 period simple moving average.

Long positions pushed the price above $74.00. The price once reached a high of $75.11 and is currently consolidating its gains. The price once fell slightly, falling below the 23.6% Fibonacci retracement level of the uptrend band from the low of $68.79 to the high of $75.11.

On the same chart, there is another uptrend line forming, with support at $71.20. The trend line is close to the 61.8% Fibonacci retracement level of the uptrend band from the low of $68.79 to the high of $75.11.

From an upward perspective, the price is facing resistance around $74.20. The main resistance is still around the $75.00 line, and if it breaks through this area, the price may accelerate its upward trend.

In this case, the price may even touch the resistance level of $76.50. If it continues to rise, it may test the $78.00 line in the short term. From a downward perspective, the first major support level is around $72.70.

If the daily chart closes below $72.70, it may trigger a larger decline. The next major support level is $71.20. If it continues to decline, oil prices may drop to $70.00 in the coming days.

In terms of gold, the price has steadily risen, breaking through $2620, and the bulls' current target may be to break above $2650.

Economic data releases to be monitored today (Tuesday 23:00 Beijing time)

The ISM Service Industry Index for December 2024 is expected to be 53.0, compared to the previous value of 52.1.