Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 15th.
The day was another glorious loss for the yellow metal. The spot market opened the secession at $1,406.5, made a brief high at $1,417.25 then continue to slump till $1,390.25. Gold price tried to recover but failed to top the $1,400 mark, closing at $1,397, totaling a loss by 2.2% for the day.
There is no strong technical support between this point and the $1,322 low. The RSI show hasn’t indicated an overselling yet, and the MACD showing selling signals.
If gold bears breached the $1,322 support, the next line of defense will be the $1,155 mark, the retracement of 2008 to 2011 bull-run.
Gold silver ratio is at 61.72.