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.