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Commodities Pivot Points and Forex Technical Analysis 22/07/2015

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 1102.75$ with targets at 1109.60$ next 1115.65$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1102.75$ with targets at 1096.70$ next 1089.80$ in extension.

Gold – Daily Chart Support and Resistance levels

Resistance: 1132.50, 1166.90, 1170.00, 1174.50, 1190.00, 1206.00, 1210.00
Support: 1080.00, 1050.00, 1000.00, 990.00

Crude Oil – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 50.80$ with targets at 51.50$ next 52.10$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 50.80$ with targets at 50.15$ next 49.45$ in extension.

Crude Oil – Daily Chart Support and Resistance levels

Resistance: 52.00, 54.00, 55.00, 57.00, 58.00
Support: 50.00, 48.70, 47.50, 46.80

Silver – Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 14.80$ with targets at 14.95$ next 15.10$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 14.80$ with targets at 14.60$ next 14.45$ in extension.

Silver – Daily Chart Support and Resistance levels

Resistance: 15.00, 15.40, 16.00, 16.50, 16.80, 17.20
Support: 14.40, 14.00, 13.80, 13.50, 13.20

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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