http://prntscr.com/40hq4j
analysis for today 7 / 8 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 7 / 7 / 2014
OPEN 1320.26
HIGH 1320.61
LOW 1311.29
CLOSED 1319.64
The third resistance (R3) 1320.61 - ( 1317.18 - 1311.29 = 5.89 x 2 = 11.78 )= 1332.39
The second Resistance (R2) 1317.18 + 1320.61 - 1311.29 = 1326.50
First resistance (R1) 1317.18 x 2 = 2634.36 - 1311.29 = 1323.07
pivot points 1320.61 + 1311.29 + 1319.64 = 3951.54 / 3 = 1317.18
Support for the first (S1) 1317.18 x 2 = 2634.36 - 1320.61 = 1313.75
Support second (S2) 1317.18 - ( 1320.61 - 1311.29 = 9.32 ) = 1307.86
Third Support (S3) 1311.29 - ( 1320.61 - 1317.18 = 3.43 x 2 = 6.86 )= 1304.43


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