Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 17/02/2015

Commodities Pivot Points and Forex Technical Analysis 17/02/2015

Feb 17 2015, 09:10 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 1227.20$ with targets at 1232.15$ next 1237.80$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1277.20$ with targets at 1221.50$ next 1216.60$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1245.90, 1252.00, 1260.0, 1285.60, 1308.00, 1320.00
Support: 1215.00, 1204.00, 1200.00, 1180.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 52.40$ with targets at 53.80$ next 54.80$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 52.40$ with targets at 51.40$ next 50.00$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 54.00, 55.00, 60.00
Support: 48.05, 47.30, 45.00, 43.60, 43.20, 42.80

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 17.20$ with targets at 17.55$ next 17.80$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 17.20$ with targets at 16.95$ next 16.60$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.75, 18.50, 19.00, 19.50
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.

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