Home Forex Analysis And Forecasts Commodities Pivot Points and Technical Analysis 24/02/2015

Commodities Pivot Points and Technical Analysis 24/02/2015

Feb 24 201, 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 1200.60$ with targets at 1210.55$ next 1220.30$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1200.60$ with targets at 1190.85$ next 1180.85$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1223.00, 1240.00, 1245.90, 1252.00, 1260.0, 1286.50 
Support: 1190.00, 1180.00, 1167.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 49.70$ with targets at 50.75$ next 52.05$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 49.70$ with targets at 48.40$ next 47.40$ 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 16.30$ with targets at 16.55$ next 16.85$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.30$ with targets at 16.05$ next 15.75$ 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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