http://prntscr.com/4a0ges
analysis for today 8 / 6 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 8 / 5 / 2014
OPEN 1287.87
HIGH 1293.76
LOW 1282.39
CLOSED 1288.45
The third resistance (R3) 1293.76 - ( 1288.20 - 1282.39 = 5.81 x 2 = 11.62 )= 1305.38
The second Resistance (R2) 1288.20 + 1293.76 - 1282.39 = 1299.57
First resistance (R1) 1288.20 x 2 = 2576.40 - 1282.39 = 1294.01
pivot points 1293.76 + 1282.39 + 1288.45 = 3864.60 / 3 = 1288.20
Support for the first (S1) 1288.20 x 2 = 2576.40 - 1293.76 = 1282.64
Support second (S2) 1288.20 - ( 1293.76 - 1282.39 = 11.37 ) = 1276.83
Third Support (S3) 1282.39 - ( 1293.76 - 1288.20 = 5.56 x 2 = 11.12 )= 1271.27


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