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Gold sliding: MIG Bank
Gold declined sharply during yesterday's session. Even though it rose back to close at its support at 1752 (18/09/2012), the hourly succession of lower highs and lower lows favours further short-term weakness. • The "shooting star" on 21 September and the strong resistance area between 1791 (29/02/2012) and 1803 suggest limited short-term upside potential. • Gold is in a secular uptrend with strong support at 1523. Still, given the proximity of the aforementioned resistances and the current overextended rise, a phase of weakness is likely.
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