http://prntscr.com/4f9lg5
analysis for today 8 / 22 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 8 / 21 / 2014
OPEN 1291.47
HIGH 1291.47
LOW 1272.94
CLOSED 1276.39
The third resistance (R3) 1291.47 - ( 1280.27 - 1272.94 = 7.33 x 2 = 14.65 )= 1306.12
The second Resistance (R2) 1280.27 + 1291.47 - 1272.94 = 1298.80
First resistance (R1) 1280.27 x 2 = 2560.53 - 1272.94 = 1287.59
pivot points 1291.47 + 1272.94 + 1276.39 = 3840.80 / 3 = 1280.27
Support for the first (S1) 1280.27 x 2 = 2560.53 - 1291.47 = 1269.06
Support second (S2) 1280.27 - ( 1291.47 - 1272.94 = 18.53 ) = 1261.74
Third Support (S3) 1272.94 - ( 1291.47 - 1280.27 = 11.20 x 2 = 22.41 )= 1250.53


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