Commodities Pivot Points and Forex Technical Analysis 10/02/2015

Feb 10 2015, 04:40 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 1246.00$ with targets at 1223.00$ next 1205.20$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1246.00$ with targets at 1263.80$ next 1286.80$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1252.00, 1260.0, 1285.60, 1308.00, 1320.00
Support: 1220.00, 1204.00, 1200.00, 1180.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 52.85$ with targets at 54.05$ next 55.20$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 52.85$ with targets at 51.70$ next 50.50$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 55.00, 60.00
Support: 47.30, 45.00, 43.60, 43.20, 42.80

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 17.00$ with targets at 17.45$ next 17.85$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 17.00$ with targets at 16.60$ next 16.15$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.75, 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.

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