Market News: India’s Gold Imports Are Up Again

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Written by Mike Hammer

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. Maybe this will let you sleep better over the weekend.  In any case, here’s today’s featured article.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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