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 $1157.25 with targets at $1169.30 next $1187.50 in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point $1157.25 with targets at $1139.00 next $1126.50 in extension.
Gold - Daily Chart Support and Resistance levels
Resistance: 1190.00, 1223.00, 1236.00, 1240.00, 1245.90
Support: 1160.00, 1140.00, 1132.00, 1120.00, 1100.00
Crude Oil - Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point $46.50 with targets at $48.25 next $49.50 in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point $46.50 with targets at $44.50 next $42.50 in extension.
Crude Oil - Daily Chart Support and Resistance levels
Resistance: 47.80, 48.90, 50.00, 54.00
Support: 43.50, 42.80, 41.70, 40.80
Silver - Day Trading Strategies
Bullish scenario: Long positions above the daily pivot point $15.75 with targets at $16.00 next $16.50 in extension.
Alternatively, Bearish scenario: Short positions below the daily pivot point $15.75 with targets at $15.25 next $15.00 in extension.
Silver - Daily Chart Support and Resistance levels
Resistance: 16.15, 16.85, 17.00, 17.75, 18.50, 19.00
Support: 15.50, 15.50, 15.00, 14.70, 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.