Scotia Bank Daily Gold Market Watch issued in May 21st


Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 20.

Gold opened the session at $1,360 and fell to $1,350.50 under the weight of USD. Short covering picked up the prices to reach $1,398.50 then closed at $1,385. Gold price gained 1.8% in this session.

Gold price stayed inside $1,340 and $1,392 range. This was the first rise after the 7 days low streak.

The 5-days MA of gold price is at $1,389.56, while the 10-days MA is at $1,421.71

Gold bulls need to close above the $1,400 mark to make a way for stop-loss gold buyers.

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