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