(Bloomberg) -- 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.
To contact the reporter on this story: Eddie van der Walt in London at evanderwalt@bloomberg.net. To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas Larkin, Sophie Caronello
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