Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 30.
The trading session of gold opened at $1,400 and rose to reach $1,417.75 on the US GDP and unemployment claims announcement. Gold closed the session at $1,412 totaling a 1.6% increase in the price for the day and 1.7% for the past 5 days.
Closing above $1,410 eased the bearish pressure on the price of gold. The failure to retest $1,323 April’s low is a bullish indicator. A new support now is forming around $1,394.
Gold-silver ratio was at 62.12