By scotiabank Trading Desk Reuters: MMCN Global Research Gold & Silver Marketwatch Daily Update Market Commentary Gold was virtually unchanged, opening the day at 1299.75/1300.75. After the open, the metal fell briefly to a low of 1299.25/1300.25 before rising on dollar weakness to a high of 1303.75/1304.75 after U.S. GDP data fell marginally short of expectations. A recovery in U.S. 10-year Treasury yields limited gains as gold softened towards the end of the day, closing at 1301.50/1302.50. Silver moved higher overnight, opening the session at 16.42/16.47. It touched a low of 16.40/16.45 before following gold to a high of 16.54/16.59, prior to concluding the session at 16.50/16.55. Technical Commentary Gold closed modestly higher today, at 1302. Resistance is firm at 1307.90 - the 200 Day MA. Support is at 1286 - the 61.8% Fibo retracement level of the Dec - Jan rally. MACD is positive; however, I remain bearish on gold as long as it closes below the 200 Day MA. Silver closed higher today, at 16.53. Resistance is at 16.70 - the 50% Fibo retracement level of the April - May decline. Support is at 16.36 (23.6% Fibo level). MACD is inconclusive while momentum has turned negative and I remain bearish on silver as long as it closes at or below 16.55 (38.2% Fibo). The gold-silver ratio closed lower today, at 78.77. Resistance is at 79.70 - the 100 Day MA. Support is at 77.93 - the 200 Day MA, with near term support at 78.59 - the 76.4% Fibo retracement level of the Feb - April rally.