Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 31st.
The trading session opened on gold at $1,407 then reaching a high of $1,412. Gold price slide gradually on a stronger USD to touch a low of $1,389.50 then closed the week at $1,393.50 gaining some lost ground during the day. Gold price gained 0.5% this week and conclude the month by 5.6% loss in value.
Gold haven’t fully gained the losses in May 17th even if it closed slightly higher this week. The broad trading range of gold is between $1,321 and $1,495.
The RSI indicator shows that gold has not been oversold yet. The bearish trend is still intact although it is losing strength.