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
Bearish scenario: Short positions below the daily pivot point 1275.45$ with targets at 1266.80$ next 1257.30$ in extension.
Alternatively, Bullish scenario: Long positions above the daily pivot point 1257.45$ with targets at 1284.90$ next 1293.55$ in extension.
Gold – Daily Chart Support and Resistance levels
Resistance: 1285.00, 1308.00, 1320.00, 1350.00
Support: 1240.00, 1220.00, 1204.00, 1200.00, 1180.00
Crude Oil – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 48.95$ with targets at 51.20$ next 52.80$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 48.95$ with targets at 47.30$ next 45.05$ in extension.
Crude Oil – Daily Chart Support and Resistance levels
Resistance: 50.70, 51.75, 52.50, 53.95
Support: 45.00, 43.60, 43.20, 42.80
Silver – Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point 17.10$ with targets at 17.50$ next 17.80$ in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point 17.10$ with targets at 16.85$ next 16.40$ in extension.
Silver – Daily Chart Support and Resistance levels
Resistance: 17.35, 18.50, 19.00, 19.50
Support: 16.50, 16.00, 15.50, 15.00, 14.15
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.
