Commodities Pivot Points and Forex Technical Analysis 30/12/2014

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 1185.40$ with targets at 1171.70$ next 1161.50$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1185.40$ with targets at 1195.60$ next 1209.30$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1200.00, 1213.90, 1221.00, 1240.00, 1256.20, 1277.00
Support: 1170.70, 1160.00, 1140.00, 1130.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 54.10$ with targets at 52.45$ next 51.25$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 54.10$ with targets at 55.30$ next 56.90$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 55.00, 59.30, 63.90, 64.20, 68.25
Support: 52.80, 52.00, 51.60, 51.00, 50.00

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 15.90$ with targets at 15.60$ next 15.35$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 15.90$ with targets at 16.10$ next 16.45$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.30, 16.50, 16.80, 17.40, 17.50, 17.80
Support: 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.