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 1206.50$ with targets at 1212.10$ next 1220.10$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 1206.50$ with targets at 1198.50$ next 1192.90$ in extension.
Gold – Daily Chart Support and Resistance levels
Resistance: 1215.00, 1232.00, 1236.00, 1253.00
Support: 1200.00, 1174.00, 1168.00, 1160.00
Crude Oil – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 59.80$ with targets at 60.90$ next 62.00$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 59.80$ with targets at 58.65$ next 57.50$ in extension.
Crude Oil – Daily Chart Support and Resistance levels
Resistance: 60.95, 62.00, 63.00, 63.65, 65.00
Support: 58.00, 55.70, 54.00, 52.50
Silver – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 17.10$ with targets at 17.30$ next 17.50$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 17.10$ with targets at 16.90$ next 16.70$ in extension.
Silver – Daily Chart Support and Resistance levels
Resistance: 17.40, 17.80, 18.00, 18.50
Support: 16.80, 16.00, 15.55
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.
