http://prntscr.com/3psr2s
analysis for today 6 / 5 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 6 / 4 / 2014
OPEN 1244.71
HIGH 1248.79
LOW 1242.70
CLOSED 1243.68
The third resistance (R3) 1248.79 - ( 1245.06 - 1242.70 = 2.36 x 2 = 4.71 )= 1253.50
The second Resistance (R2) 1245.06 + 1248.79 - 1242.70 = 1251.15
First resistance (R1) 1245.06 x 2 = 2490.11 - 1242.70 = 1247.41
pivot points 1248.79 + 1242.70 + 1243.68 = 3735.17 / 3 = 1245.06
Support for the first (S1) 1245.06 x 2 = 2490.11 - 1248.79 = 1241.32
Support second (S2) 1245.06 - ( 1248.79 - 1242.70 = 6.09 ) = 1238.97
Third Support (S3) 1242.70 - ( 1248.79 - 1245.06 = 3.73 x 2 = 7.47 )= 1235.23


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