Commodities Pivot Points and Forex Technical Analysis 11/12/2014

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 1222.45$ with targets at 1245.50$ next 1261.50$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1222.45$ with targets at 1206.40$ next 1183.50$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1220.40, 1235.50, 1255.60
Support: 1120.00, 1208.20, 1186.40

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 61.60$ with targets at 59.80$ next 58.60$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 61.60$ with targets at 62.80$ next 64.60$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 64.20, 68.25, 70.00, 73.20, 75.95
Support: 60.00, 59.50, 58.00

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 17.15$ with targets at 16.95$ next 16.75$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 17.15$ with targets at 17.40$ next 17.60$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.40, 17.50, 17.80, 18.00
Support: 16.50, 16.15, 15.95, 15.50

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.