Commodities Pivot Points and Forex Technical Analysis 11/12/2014

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 1222.45$ with targets at 1245.50$ next 1261.50$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1222.45$ with targets at 1206.40$ next 1183.50$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1220.40, 1235.50, 1255.60
Support: 1120.00, 1208.20, 1186.40

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 61.60$ with targets at 59.80$ next 58.60$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 61.60$ with targets at 62.80$ next 64.60$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 64.20, 68.25, 70.00, 73.20, 75.95
Support: 60.00, 59.50, 58.00

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 17.15$ with targets at 16.95$ next 16.75$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 17.15$ with targets at 17.40$ next 17.60$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.40, 17.50, 17.80, 18.00
Support: 16.50, 16.15, 15.95, 15.50

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.

Related Articles

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

22,878FansLike
3,113FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles