After a year of declining sales, Indian gold imports have now posted two consecutive months of gains. February gold intake was up 5.5% over last year, which is good news for the gold market. In case you took this week off, it’s been a rough week for gold bulls, with gold dropping suddenly down through the 1300 level (in USD) and coming to rest on 1285, which of course was support before.
On the positive side, gold is still well above its 200-day simple moving average, so long-term gold is still OK — more or less. Your friendly Gold Enthusiast thinks its important for gold to regain 1300 soon, or risk another drop, so almost anything that could help gold rise is good news at this point.