/usr/local/mysql/bin/mysqladmin -u root password ******  (where ****** is the password I want to set)

/usr/local/mysql/bin/mysqladmin: connect to server at 'localhost' failed
error: 'Access denied for user 'root'@'localhost' (using password: NO)'

sudo /usr/local/mysql/support-files/mysql.server stop

sudo mysqld_safe --skip-grant-tables

mysql -u root

mysql > UPDATE mysql.user SET authentication_string=PASSWORD('password') WHERE User='root';

mysql > UPDATE mysql.user SET Password=PASSWORD('password') WHERE User='root';

mysql -uroot -p

mysqladmin -u root password NEWPASSWORD

mysqladmin -u root -p'oldpassword' password newpass

sudo mkdir /var/mysql
sudo ln -s /tmp/mysql.sock /var/mysql/mysql.sock

sudo /usr/local/mysql/bin/mysqladmin -u root -p password

mysql -u root

mysqladmin -u root password NEWPASSWORD

cd /usr/local/mysql/bin

./mysqladmin -u root password root

sudo /usr/local/mysql/support-files/mysql.server restart

Users-MacBook-Air:~ usr$ sudo /usr/local/mysql/support-files/mysql.server restart