The spot gold price is still lower on the day coming in at $1393 an ounce.
From a technical perspective, as long as gold keeps above the resistance level of 1383 further gains could be in store.
According to Trading Central the RSI is posting an unconfirmed bullish divergence.
1398 and then 1424 are the next resistance levels.
Physical gold demand remains healthy with buying materialising from India and Hong Kong while Vietnamese banks were buying gold following the import ban being temporarily lifted (Reuters).
"Retail appetite for the precious metals continues to grow with the US Mint reporting almost 3 tonnes of gold coin sales in October and sales have already exceeded a tonne in November thus far," says Suki Cooper at Barclays Capital.
Meanwhile in terms of mine supply, AngloGold Ashanti, the third largest gold producer, has reported it expects its gold production for the full year to be 4.5Moz compared to previous guidance of 4.5- 4.7 Moz due to production issues in Ghana and a longer-than-expected shut-down at its Savuka mine in South Africa.
