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Is Barrick Gold Close To Finding A Bottom?

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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 - Downside Pressures Have Increased

Gold is decreasing. Downside pressures have increased. We expect the metal to test the hourly support at 1162 (05/06/2015 low). Key support lies at 1142 (17/03/2015).

In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. Although the key support at 1132 (07/11/2014 low) has held thus far, a break of the resistance at 1223 is needed to suggest something more than a temporary rebound. A major support can be found at 1045 (05/02/2010 low).

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