Commodities Pivot Points and Forex Technical Analysis 20 January 2015

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 1271.50$ with targets at 1287.80$ next 1298.70$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1271.50$ with targets at 1260.60$ next 1244.30$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1267.20, 1277.00, 1280.00, 1300.00
Support: 1240.00, 1220.00, 1204.00, 1200.00, 1180.00, 1160.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 49.15$ with targets at 51.75$ next 54.35$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 49.15$ with targets at 46.55$ next 43.95$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 51.30, 52.50, 53.95, 55.10, 59.30
Support: 44.20, 44.00, 43.75, 43.20, 42.80

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 17.50$ with targets at 18.10$ next 18.50$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 17.50$ with targets at 17.15$ next 16.55$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.40, 17.50, 17.80
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.