Home Forex Analysis And Forecasts Commodities Pivot Points and Forex Technical Analysis 21/05/2015

Commodities Pivot Points and Forex Technical Analysis 21/05/2015

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 1208.20$ with targets at 1213.70$ next 1218.70$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1208.20$ with targets at 1203.20$ next 1197.70$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1232.00, 1236.00, 1253.00
Support: 1200.00, 1174.00, 1168.00, 1160.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 59.10$ with targets at 60.30$ next 61.60$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 59.10$ with targets at 57.80$ next 56.60$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 60.00, 62.00, 63.00, 63.65, 65.00 
Support: 58.00, 55.70, 54.00, 52.50

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 17.10$ with targets at 17.30$ next 17.45$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 17.10$ with targets at 16.95$ next 16.75$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 17.40, 17.80, 18.00, 18.50
Support: 16.80, 16.00, 15.55

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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