Commodities Pivot Points and Forex Technical Analysis 08 January 2015

Jan 08 2014, 08:40 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

Bearish scenario: Short positions below the daily pivot point 1211.75$ with targets at 1200.55$ next 1190.35$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1211.75$ with targets at 1221.95$ next 1233.15$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1223.00, 1240.00, 1256.20, 1277.00
Support: 1200.00, 1180.00, 1160.00, 1140.00, 1130.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 48.25$ with targets at 49.70$ next 50.75$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 48.25$ with targets at 47.20$ next 45.75$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 52.50, 53.95, 55.10, 59.30, 63.90
Support: 46.80, 46.50, 45.80, 45.00

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.45$ with targets at 16.80$ next 17.10$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.45$ with targets at 16.20$ next 15.85$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.80, 17.40, 17.50, 17.80
Support: 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.

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