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Crude Oil & Gold analysis for intraday traders

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Crude traded short well off our measured move analysis which had us short from 54.31 with a profit target at 52.19 and a conservative stop at 54.89. So what do we do here intraday if you've missed that move?

We just about tested initial support at 53.20, if we fail to hold this (and right now it appears that we want to hold this price level), we will sink to 52.59 and likely halt the slide for the day.

For the upside story, holding 53.20 will have us seek out 53.55 initally, and if buyers wish to revisit ON high's, then expect 54.27 to throw up some very decent resistance. Buyers above here appear unlikely for today but if there is some odd news or momentum, expect us to find profit taking at 54.63 and squeeze of shorts could take us all the way up to 55.23.

Gold has mile-marker type boundaries today between 1318.1 and 1309.9. There is excellent support in the lower boundary. We are failing initial resistance at 1313.1 as we write this, meaning pulling back lower into 1307.9 (initial support) is entirely possible and if sellers are looking for a better price point to go long they could have us revisit 1305.3 and below there we should halt lower at excellent intraday support in the 1301.1 area.

For the upside story, if 1313.1 holds well, expect 1315.7 to not pose too much secondary resistance and above there is smooth sailing into the 1319.9 area which should limit the gains for the day.

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About the author

Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at

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