Scotia Bank Daily Gold Market Watch issued in May 2nd

ScotiaBank

Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 1st.

In preparation for whatever may the FOMC meeting today will result, gold prices declined as the investors fear a potential QE early ending.

Gold opened at $1,467, then touched the $1,440.50 low, then recovered to close at $1,447 to record a decline by 1.3% for the day.

Even gold couldn’t breach the $1,488 resistance, the analysts still expect a re-testing for the $1,322 support despite buying signals showed on MACD for the last week.

Full Report