http://prntscr.com/4e7ztb
analysis for today 8 / 19 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 8 / 18 / 2014
OPEN 1302.91
HIGH 1303.36
LOW 1295.50
CLOSED 1298.14
The third resistance (R3) 1303.36 - ( 1299.00 - 1295.50 = 3.50 x 2 = 7.00 )= 1310.36
The second Resistance (R2) 1299.00 + 1303.36 - 1295.50 = 1306.86
First resistance (R1) 1299.00 x 2 = 2598.00 - 1295.50 = 1302.50
pivot points 1303.36 + 1295.50 + 1298.14 = 3897.00 / 3 = 1299.00
Support for the first (S1) 1299.00 x 2 = 2598.00 - 1303.36 = 1294.64
Support second (S2) 1299.00 - ( 1303.36 - 1295.50 = 7.86 ) = 1291.14
Third Support (S3) 1295.50 - ( 1303.36 - 1299.00 = 4.36 x 2 = 8.72 )= 1286.78


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