{"id":433602,"date":"2026-07-14T01:56:46","date_gmt":"2026-07-13T18:56:46","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-settles-at-78-14-largest-gain-since-april-29-gold-sharply-lower-433602\/"},"modified":"2026-07-14T01:56:46","modified_gmt":"2026-07-13T18:56:46","slug":"crude-oil-settles-at-78-14-largest-gain-since-april-29-gold-sharply-lower","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-settles-at-78-14-largest-gain-since-april-29-gold-sharply-lower-433602\/","title":{"rendered":"Crude oil settles at $78.14. Largest gain since April 29. Gold sharply lower."},"content":{"rendered":"
\n

The price of crude oil futures surged 9.42% to settle at $78.14, marking the largest one-day gain since April 29, when prices climbed 8.92%. In early trading today, prices have eased to around $77.51, but that still leaves crude higher by roughly $6.03, or 8.4%, from Friday’s close.<\/p>\n

\n

The rally was fueled by escalating geopolitical tensions. President Trump announced a 20% transit charge on ships exiting the Strait of Hormuz, saying the fee would compensate the U.S. Navy for escorting commercial vessels through the vital shipping lane. He also announced a blockade of Iranian vessels, while reports of strikes near a Saudi Arabian airport added to concerns that the conflict could broaden and threaten energy supplies.<\/p>\n

From a technical perspective, the sharp rally pushed prices well above the 200-day moving average at $74.21, with the session ranging from a low of $72.61 to a high of $78.45. That high stalled just three cents below the 38.2% retracement of the decline from the June high to the July low at $78.48. The rally also tested a downward-sloping trend line connecting the mid-May, June 8, and June 11 highs, creating an important resistance zone.<\/p>\n

If buyers can break above the $78.45-$78.48 resistance area, the next upside target comes at the June 17 high of $79.18. A move above that level would shift the focus toward the $82.00 area, where the 50% retracement of the decline from the June 3 high is located.<\/p>\n

On the downside, if sellers defend the current resistance and momentum fades, a move back below the $76.00 to $77.10 swing area would increase confidence that the rally is losing steam and could trigger a deeper retracement.<\/p>\n

In other commodity news, g\ufeffold is under heavy pressure, falling $118, or 2.86%, to $4,002.25. Earlier today, the price dipped below the $4,000 level for the first time since early July, reaching a session low of $3,986.62 before rebounding modestly.<\/p>\n

From a technical perspective, the move lower has broken below both the June 11 low and the July 8 low near $4,021.52. That former support level now becomes an important risk level for buyers. As long as the price remains below $4,021.52, the near-term bias stays tilted to the downside.<\/p>\n

The next downside targets come in near the recent swing low at $3,962. A break below that level would shift the focus to the June 30 cycle low at $3,942.43. Buyers need to reclaim $4,021.52 to ease the immediate selling pressure and begin to improve the short-term technical outlook.<\/p>\n

This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The price of crude oil futures surged 9.42% to settle at $78.14, marking the largest one-day gain since April 29, when prices climbed 8.92%. In early trading today, prices have eased to…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-433602","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/433602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=433602"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/433602\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=433602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=433602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=433602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}