Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 06/03/2015

Commodities Pivot Points and Forex Technical Analysis 06/03/2015

Mar 06 2015, 07:58 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

Bullish scenario: Long positions above the daily pivot point 1201.75$ with targets at 120.85$ next 1221.55$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1201.75$ with targets at 1189.05$ next 1181.95$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1223.00, 1236.00, 1240.00, 1245.90, 1252.00
Support: 1190.00, 1180.00, 1167.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 51.25$ with targets at 51.90$ next 53.05$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 51.25$ with targets at 50.10$ next 49.45$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 55.00, 60.00
Support: 47.80, 44.55, 45.00, 43.60, 43.20

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.20$ with targets at 16.30$ next 16.50$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.20$ with targets at 16.05$ next 15.90$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.85, 17.00, 17.75, 18.50, 19.00, 19.50
Support: 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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