Scotia Bank Daily Gold Market Watch issued in May 31st


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

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