Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 24th.
Gold price moved sideways on Friday. The precious metal opened the session at $1,394 taking a small dip to $1,385.75 and recovered to close the session at $1,388. This movement of gold price made 1.6% gain for the week.
The lowest price of this week was at $1,339, just above $1,322 low of April. The bearish trend is still strong, and the RSI haven’t showed an overselling, yet.
If the bears breached the $1,322 low, the space will be opened for the $1,155.
The Gold-silver ratio closed at 61.78.