Scotia Bank Daily Gold Market Watch issued in May 22nd

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Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 21st.

Gold price opened the session at $1,375.75 then drifting low to reach $1,359.25, then recovering at $1,382. The dovish comments of the feds encouraged short coverings, leading the precious metal to close $1,378.5.

Gold trade range was between $1,360 and $1,400, making another loss for gold in the past 9 sessions.

Technical indicators show bulls amassing to stand firm before the $1,323 April low. The past 2 weeks low is at $1,340.

The key resistance is at $1,445, past weeks high.

Gold-sliver ratio is at 61.17.

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