http://prntscr.com/4ew3rl
analysis for today 8 / 21 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GOLD on the date 8 / 20 / 2014
OPEN 1295.47
HIGH 1297.62
LOW 1287.76
CLOSED 1291.57
The third resistance (R3) 1297.62 - ( 1292.32 - 1287.76 = 4.56 x 2 = 9.11 )= 1306.73
The second Resistance (R2) 1292.32 + 1297.62 - 1287.76 = 1302.18
First resistance (R1) 1292.32 x 2 = 2584.63 - 1287.76 = 1296.87
pivot points 1297.62 + 1287.76 + 1291.57 = 3876.95 / 3 = 1292.32
Support for the first (S1) 1292.32 x 2 = 2584.63 - 1297.62 = 1287.01
Support second (S2) 1292.32 - ( 1297.62 - 1287.76 = 9.86 ) = 1282.46
Third Support (S3) 1287.76 - ( 1297.62 - 1292.32 = 5.30 x 2 = 10.61 )= 1277.15


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