Scotia Bank Daily Gold Market Watch Issued in June 28, 2013

ScotiaBank

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