Commodities Pivot Points and Forex Technical Analysis 29 January 2015

an 29 2015, 04:36 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 1285.10$ with targets at 1272.80$ next 1259.70$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1285.10$ with targets at 1298.10$ next 1310.50$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1308.00, 1320.00, 1350.00
Support: 1260.00, 1240.00, 1220.00, 1204.00, 1200.00, 1180.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 44.80$ with targets at 43.75$ next 43.05$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 44.80$ with targets at 45.50$ next 46.55$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 49.10, 51.75, 52.50, 53.95, 55.10, 59.30
Support: 44.00, 43.75, 43.20, 42.80

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 17.90$ with targets at 18.40$ next 18.70$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 17.90$ with targets at 17.60$ next 17.10$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 18.50, 19.00, 19.50
Support: 17.40, 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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