Scotia Bank Daily Gold Market Watch issued in June 3rd


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.

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