Commodities Pivot Points and Forex Technical Analysis 20/11/2014

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 1189.85$ with targets at 1177.95$ next 1162.00$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1189.85$ with targets at 1205.80 next 1217.60$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance:  1205.00, 1220.00, 1255.60
Support: 1173.00,  1130.00, 1120.00, 1100.00, 1080.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 74.60$ with targets at 73.80$ next  73.10$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 74.60$ with targets at 75.30$ next 76.10$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 78.00, 80.00, 82.00, 82.90, 84.00, 87.00
Support: 73.20, 72.20, 71.00, 70.00

Silver – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 16.25 with targets at 15.95 next 15.60 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 16.25 with targets at 16.60 next 16.90 in extension.

Silver – Daily Chart Support and Resistance levels

Resistance:  16.50, 16.65, 17.40, 17.70
Support: 15.85, 15.00, 14.80,  14.00

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.