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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: 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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