Scotia Bank Daily Gold Market Watch issued in May 8th

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Scotia Bank issued its daily market watch commentary and analysis for the gold and silver performance in May 7th.

Gold opened at $1,461.50, then reached a low of $1,441.25, then recovered some lost ground to close at $1,449. Gold prices retreat for the day by 1.2%

Gold prices technical analysis shows the prices are still range-bound, with several indicators on tendency to test $1,323 low. Only if gold broke the $1,523 multi-year low, it would be the first confirmation of a second bull run.

Gold silver-ratio was at 60.69.

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