Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 2 February 2015

Commodities Pivot Points and Forex Technical Analysis 2 February 2015

Feb 02 2015, 07:02 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 1273.25$ with targets at 1289.55$ next 1300.60$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1273.25$ with targets at 1262.25$ next 1245.95$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1285.00, 1308.00, 1320.00, 1350.00
Support: 1240.00, 1220.00, 1204.00, 1200.00, 1180.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 46.95$ with targets at 49.60$ next 51.00$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 46.95$ with targets at 45.60$ next 42.90$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 46.55, 49.10, 51.75, 52.50, 53.95
Support: 43.60, 43.20, 42.80

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 17.20$ with targets at 17.50$ next 17.75$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 17.20$ with targets at 16.80$ next 16.35$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.30, 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 bar

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