Commodities Pivot Points and Forex Technical Analysis 15 January 2015

Jan 15 2015, 08:22 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

Bullish scenario: Long positions above the daily pivot point 1234.65$ with targets at 1244.45$ next 1254.40$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1234.65$ with targets at 1224.75$ next 1214.95$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1245.00, 1256.20, 1277.00
Support: 1220.00, 1204.00, 1200.00, 1180.00, 1160.00, 1140.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 47.45$ with targets at 49.90$ next 51.40$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 47.45$ with targets at 46.00$ next 43.55$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 49.65, 50.00, 52.50, 53.95, 55.10, 59.30
Support: 44.20, 44.00, 43.75, 43.20, 42.80

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 16.90$ with targets at 16.65$ next 16.35$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 16.90$ with targets at 17.20$ next 17.45$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.40, 17.50, 17.80
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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