Gold is higher for the fourth consecutive day, gaining $15 to $1329. Gold has posted two four-day rallies in the past month but hasn’t had a five-day rally since April.
Several factors are behind the rally in gold today:
- Gold buying in China jumped 54% in the first half, according to the China Gold Association
- Talk of quiet stimulus in China spurring optimism of more Chinese demand
- The SPDR gold ETF reported that its assets increased last week for the first time since June 10
The main technical level to overcome is the July high of $1351 but a potential series of higher lows since late June have sent the gold bugs a life raft.