The Canadian Scotia Bank issued its daily gold market watch and commentary for gold price movements in June 27.
The gold opened the trading session at $1,236 and rose to highest level for the day early at $1,237.5. Gold price fell sharply after that, breaching stops below $1,225 to reach the $1,207 mark. Gold closed the trading session at $1,211.5 and continued to fall around the $1,200 level.
Technically speaking, the lower lows and lower highs turned the focus of the bank analysts to the down side. Gold hit a fresh cycle low today at $1,197, according to the report. Fibonacci studies of the bank’s 5-year range and Elliot waves kept the bank target price for gold at $1,115.
Gold-silver trading ratio was at 64.75.
Full Report: sm_jun272013