Scotia Bank Daily Gold Market Watch issued in May 7th


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

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