Commodities Pivot Points and Forex Technical Analysis 05/12/2014

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 1205.40$ with targets at 1217.30$ next 1226.90$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1205.40$ with targets at 1195.80$ next 1183.90$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1220.40, 1235.50, 1255.60
Support: 1200.00, 1180.00, 1140.00, 1130.00, 1120.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 67.40$ with targets at 65.30$ next 61.60$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 67.40$ with targets at 71.10$ next 73.25$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 70.00, 73.20, 75.95, 78.00, 80.00, 82.90
Support: 63.70, 62.00, 60.00, 59.50, 58.00

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 16.45$ with targets at 16.20$ next 15.85$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 16.45$ with targets at 16.20$ next 15.85$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.70, 17.40, 17.70
Support: 16.00, 15.50, 15.00, 14.80, 14.00, 13.70, 13.00

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.