Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 10/03/2015

Commodities Pivot Points and Forex Technical Analysis 10/03/2015

Mar 10 2015, 08:25 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 1176.50$ with targets at 1190.00$ next 1213.60$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1176.50$ with targets at 1152.90$ next 1139.30$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1190.00, 1223.00, 1236.00, 1240.00, 1245.90
Support: 1140.00, 1132.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 50.05$ with targets at 51.20$ next 52.40$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 50.05$ with targets at 48.85$ next 47.70$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 52.40, 55.00, 60.00
Support: 47.80, 45.55, 45.00, 43.60, 43.20

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 15.80$ with targets at 15.90$ next 16.10$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 15.80$ with targets at 15.65$ next 15.55$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.00, 16.85, 17.00, 17.75, 18.50, 19.00
Support: 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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