Scotia Bank Daily Gold Market Watch issued in May 13th


Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 10th.

Gold opened on Friday at $1,429.25, and took a small dive to reach $1,419.25 on the news of the USD gaining power supported by the positive economic data from all over the world. Gold prices recovered to reach $1,438.50 high and close at $1,437.50 before the G7 meeting starts. Gold prices recorded a decline by 0.9% this day, making a total of 1.7% decrease in gold prices for the trading week.

Bearish patterns appear on the technical analysis supported by the MACD indicator, while the RSI haven’t reached the over-sell point yet. The downtrend is still intact, and touching the $1,322 is still a possibility.

Gold silver ratio recorded 60.57 for this week.

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