Scotia Bank Daily Gold Market Watch issued in May 7th

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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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