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MIG Bank

MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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Gold: Possible Short-Term Base Formation

Gold has successfully tested its previous low at 1699 (24/10/2012 low). A possible short-term base formation could be underway. Monitor the hourly resistance at 1718 (26/10/2012 high, see also the declining trendline). A short-term resistance is at 1732 (23/10/2012 high).

The strong resistance area between 1791 and 1803, coupled with overbought conditions, favours a corrective phase. The strong support at 1647 is expected to hold though.

Gold is in a secular uptrend with strong support at 1523.

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