Commodities Pivot Points and Forex Technical Analysis 11/02/2015

Feb 11 2015, 04:45 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 1236.25$ with targets at 1226.60$ next 1220.95$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1236.25$ with targets at 1241.90$ next 1251.55$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1252.00, 1260.0, 1285.60, 1308.00, 1320.00
Support: 1220.00, 1204.00, 1200.00, 1180.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 50.85$ with targets at 51.85$ next 53.65$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 50.85$ with targets at 49.05$ next 48.05$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 54.00, 55.00, 60.00
Support: 47.30, 45.00, 43.60, 43.20, 42.80

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.90$ with targets at 17.10$ next 17.40$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.90$ with targets at 16.65$ next 16.45$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.75, 18.50, 19.00, 19.50
Support: 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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