Nov 26 2014, 05:58 GMT

Shady Bahouth

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 1196.95$ with targets at 1207.80$ next 1218.45$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1196.95$ with targets at 1186.25$ next 1175.45$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1208.00, 1220.00, 1235.50, 1255.60
Support:  1173.00, 1130.00, 1120.00, 1100.00, 1080.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 74.80$ with targets at 73.00$ next  71.90$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 74.80$ with targets at 75.90$ next 77.65$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 78.00, 80.00, 82.00, 82.90, 84.00, 87.00
Support: 73.20, 72.20, 71.00, 70.00

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.55 with targets at 16.70 next 16.95 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.55 with targets at 16.45 next 16.30 in extension.

Silver – Daily Chart Support and Resistance levels

Resistance:  16.55, 17.40, 17.70
Support: 15.85, 15.00, 14.80,  14.00

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.