Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 6th.
Gold opened at $1,471 on Monday in the absence of London for May Day holiday, reached a high $1,474 and fell to touch a low of $1,464.50 when the equity market rose. Gold prices tried to recover only to reach $1,468.50 and close.
They key high resistance levels are the weekly high at $1,495 from early April and $1,523 multi-year low. While the key supports are last weeks $1,440 and $1,404.
More sideways movements are ahead before the support test.
Gold-silver ratio stays for the day at 61.21