Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 13th.
Gold opened Monday’s session at $1,435.5, took a quick dive to the $1,428.75 level, then recovered back to close at the same opening level of $1,435.5.
Gold stayed in the same range of trading, with technical indicators favoring a downtrend. Now, it’s up to the news and the performance of other equities. The current support doesn’t look like it could handle the selling pressure, and the $1,322 low may be the next line of defense of the gold bull.
Gold-silver ratio for the day was 60.52.