Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 10/05/2015

Commodities Pivot Points and Forex Technical Analysis 10/05/2015

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 1187.50$ with targets at 1194.50$ next 1200.00$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1187.50$ with targets at 1181.90$ next 1174.90$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1200.00, 1215.00, 1224.50, 1236.00
Support: 1174.00, 1168.00, 1160.00, 1140.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 59.15$ with targets at 60.15$ next 60.90$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 59.15$ with targets at 58.40$ next 57.40$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 62.60, 65.00, 66.00
Support: 58.00, 55.70, 54.00, 52.50, 50.00, 47.00

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.45$ with targets at 16.60$ next 16.75$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.45$ with targets at 16.30$ next 16.10$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.75, 17.00, 17.40, 17.75
Support: 16.00, 15.55, 15.25, 15.00, 14.70

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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