Scotia Bank Daily Gold Market Watch issued in May 17th


Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 16th.

Gold opened the trading session at $1,376.25, gaining to $1,390.75 and closes at $1,389.25. The employment and housing data disappoint some traders which gave gold price this small boost.

Technical indicators still point to the critical support at $1323. Fibonacci studies and Eliot Wave target now targets a top resistance at $1,421 and a support at $1,155.

Gold-silver ratio was at 60.98

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