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.