Gold’s Not Budging From 200-Day Average as India Buys: Chart
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Gold has been hugging its 200-day moving average -- a level often used by chart watchers to help predict future moves - since dropping below the measure earlier this month for the first time since February. “The question is whether this will remain the case as physical buying ebbs away after Diwali,” said Commerzbank AG analyst Carsten Fritsch. Festival buying in India, the world’s second-largest gold consumer, has countered recent selling through exchange-traded funds.