http://prntscr.com/4y8g0s
analysis for today 10 / 21 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 10 / 20 / 2014
OPEN 1238.58
HIGH 1248.41
LOW 1234.47
CLOSED 1246.49
The third resistance (R3) 1248.41 - ( 1243.12 - 1234.47 = 8.65 x 2 = 17.31 )= 1265.72
The second Resistance (R2) 1243.12 + 1248.41 - 1234.47 = 1257.06
First resistance (R1) 1243.12 x 2 = 2486.25 - 1234.47 = 1251.78
pivot points 1248.41 + 1234.47 + 1246.49 = 3729.37 / 3 = 1243.12
Support for the first (S1) 1243.12 x 2 = 2486.25 - 1248.41 = 1237.84
Support second (S2) 1243.12 - ( 1248.41 - 1234.47 = 13.94 ) = 1229.18
Third Support (S3) 1234.47 - ( 1248.41 - 1243.12 = 5.29 x 2 = 10.57 )= 1223.90


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