Daily technical analysis for Gold, Crude Oil and Silver, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.
Gold – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 1178.10$ with targets at 1183.70$ next 1192.30$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 1178.10$ with targets at 1169.50$ next 1163.80$ in extension.
Gold – Daily Chart Support and Resistance levels
Resistance: 1190.00, 1204.00, 1215.00, 1232.00, 1236.00, 1253.00
Support: 1168.00, 1160.00, 1150.00, 1140.00
Crude Oil – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 58.60$ with targets at 59.35$ next 60.70$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 58.60$ with targets at 57.25$ next 56.50$ in extension.
Crude Oil – Daily Chart Support and Resistance levels
Resistance: 59.00, 61.60, 62.00, 63.00, 63.65, 65.00
Support: 56.50, 55.70, 54.00, 52.50
Silver – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 16.20$ with targets at 16.40$ next 16.65$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 16.20$ with targets at 15.95$ next 15.80$ in extension.
Silver – Daily Chart Support and Resistance levels
Resistance: 16.80, 17.20, 17.40, 17.80, 18.00, 18.50
Support: 16.00, 15.55, 15.30
Commodities Pivot Points:
Pivot points are very useful tools for commodities professional traders that use the previous bars' highs, lows and closings to project potential support and resistance levels for future bars.
