Davies finished the day with a six-under-par halfway aggregate score of 140 to move to within two strokes of Sweden's Liselotte Neumann, who scored a 67 to lead on 138, one stroke ahead of American Dottie Mochrie.
'It doesn't help when you are waiting,' Davies said. 'I would like to go round in three hours but slow play seems to be the case wherever you play these days.'
Davies had seven birdies and an eagle at the 462-yard par five 18th, where she hit a spectacular six-iron to within eight inches of the hole for her three.
'Yesterday I bogeyed the first four holes but today I had four birdies in the first six. What a difference a good start makes,' said Davies, who is chasing a hat-trick of wins after taking the Irish and Scottish Open titles over the last two weeks.
Neumann, playing alongside Davies, is at her best in the majors. The former US Open winner has finished 12th in the Dinah Shore and third in both the LPGA and US Open Championships this year.
She never exceeded par and surged into the lead with a late flourish of four birdies over the last six holes.