Scotia Bank Daily Gold Market Watch issued in May 22nd


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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