Scotia Bank report 19 – June, 2013

ScotiaBank

Scotia bank report over view on the market, by the last night, the strength of the equities market drove the precious metal down, in which gold price started the trading $1372.75 USD/ Ounce. Before it touched the low level of $1360.75 USD/ Ounce, by the beginning of the Fed meeting investors renewed their trust to push the metal up to the level of $1367 USD/ Ounce of gold.

Technical commentary: Gold broke its recent resistance to reach the level of $1367 USD/ Ounce, the next level of support is going to be at $1338 USD/ Ounce of gold less than the level of 20th May then it will break the support to the level of 1322 USD/ Ounce. the yellow metal still in the down trend.

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