Commodities Pivot Points and Technical Analysis 06/02/2015

February 6, 2015

Gold - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1267.60$ with targets at 1249.80$ next 1233.20$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1267.60$ with targets at 1284.20$ next 1302.00$ in extension.

Gold - Daily Chart Support and Resistance levels

Resistance: 1285.60, 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 49.95$ with targets at 52.60$ next 54.70$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 49.95$ with targets at 47.85$ next 45.25$ in extension.

Crude Oil - Daily Chart Support and Resistance levels

Resistance: 55.00, 60.00
Support: 47.30, 45.00, 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 17.80$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 17.20$ with targets at 16.90$ next 16.60$ in extension.

Silver - Daily Chart Support and Resistance levels

Resistance: 17.75, 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 bars.

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