Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in June 4th.
Gold price opened the trading session at $1,397 remained around $1,400 mark, until selling pressure pushed the price down to $1,388.50. Gold price recovered quickly to close at $1,379.50.
Speaking technically, gold price continued its sideways movement, from $1,373 to $1,422. Until gold break out this price range, it’s hard to determine a clear bearish or bullish trend. However, the 8-months old bearish trend is still intact.