Commodities Pivot Points and Forex Technical Analysis 08/12/2014

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

Bearish scenario: Short positions below the daily pivot point 1195.10$ with targets at 1181.70$ next 1173.00$ in extension.

Alternatively, Long positions above the daily pivot point 1195.10 with targets at 1203.80$ next 1217.20$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1208.20, 1220.40, 1235.50, 1255.60
Support: 1180.00, 1140.00, 1130.00, 1120.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 65.95$ with targets at 65.05$ next 64.25$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 65.95$ with targets at 66.75$ next 67.65$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 68.25, 70.00, 73.20, 75.95, 78.00
Support: 63.70, 62.00, 60.00, 59.50, 58.00

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 16.35$ with targets at 16.15$ next 16.00$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 16.35$ with targets at 16.45$ next 16.70$ 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.