Scotia Bank Daily Gold Market Watch issued in May 17th

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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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