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:

  1. Gold buying in China jumped 54% in the first half, according to the China Gold Association
  2. Talk of quiet stimulus in China spurring optimism of more Chinese demand
  3. 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.

Spiderman gold