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

Dec 12 2014, 09:30 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

Long positions above the daily pivot point 1220.00$ with targets at 1240.50$ next 1259.00$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1220.00$ with targets at 1201.50$ next 1181.00$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1240.00, 1256.20, 1277.00
Support: 1216.00, 1208.20, 1186.40

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 60.20$ with targets at 58.70$ next 57.50$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 60.20$ with targets at 61.45$ next 62.90$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 63.70, 64.20, 68.25, 70.00, 73.20, 75.95
Support: 58.80, 57.20, 56.70 ,55.30

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 17.15$ with targets at 16.90$ next 16.70$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 17.15$ with targets at 17.35$ next 17.55$ 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.

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