Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 19/02/2015

Commodities Pivot Points and Forex Technical Analysis 19/02/2015

Feb 19 2015, 05:56 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 1203.60$ with targets at 1210.00$ next 1219.80$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1203.60$ with targets at 1193.80$ next 1187.40$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1220.00, 1240.00, 1245.90, 1252.00, 1260.0, 1286.50 
Support: 1197.00, 1180.00, 1167.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 52.70$ with targets at 54.35$ next 55.90$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 52.70$ with targets at 51.15$ next 49.45$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 55.00, 60.00
Support:48.90,  48.05, 47.30, 45.00, 43.60, 43.20

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.35$ with targets at 16.45$ next 16.70$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.35$ with targets at 16.15$ next 16.0$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.00, 17.75, 18.50, 19.00, 19.50
Support: 16.20, 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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