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Commodities Pivot Points and Forex Technical Analysis 06 January 2015

Commodities Pivot Points and Forex Technical Analysis 06 January 2015
Jan 06 08:10 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 1196.45$ with targets at 1215.05$ next 1226.10$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1196.45$ with targets at 1185.35$ next 1166.70$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1210.90, 1221.00, 1240.00, 1256.20, 1277.00
Support: 1160.00, 1140.00, 1130.00

Crude Oil – Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 50.80$ with targets at 48.90$ next 47.75$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 50.80$ with targets at 51.95$ next 53.90$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 53.95, 55.10, 59.30, 63.90
Support: 49.40, 49.00, 48.70, 47.80, 47.20

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 16.05$ with targets at 16.45$ next 16.70$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 16.05$ with targets at 15.80$ next 15.40$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 16.50, 16.80, 17.40, 17.50, 17.80
Support: 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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