Commodities Pivot Points and Forex Technical Analysis 24/11/2014

Nov 24 2014, 07:35 GMT Shady Bahouth

Daily forex 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 1197.10$ with targets at 1208.20$ next 1218.65$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1197.10$ with targets at 1186.65$ next 1175.60$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1208.00, 1220.00, 1235.50, 1255.60
Support:  1173.00, 1130.00, 1120.00, 1100.00, 1080.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 76.65$ with targets at 75.50$ next  74.45$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 76.65$ with targets at 77.70$ next 78.85$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 78.00, 80.00, 82.00, 82.90, 84.00, 87.00
Support: 74.00, 73.20, 72.20, 71.00, 70.00

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.35 with targets at 16.65 next 16.85 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.35 with targets at 16.15 next 15.85 in extension.

Silver – Daily Chart Support and Resistance levels

Resistance:  16.55, 17.40, 17.70
Support: 15.85, 15.00, 14.80,  14.00

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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