Bears Pressure Gold Futures

Gold Bear

Comex gold futures bulls continue to lose ground for a month. For 4 weeks, and 7 days in a row, Comex gold price fell making the longest streak of losses in 4 years.

Technical short selling and long liquidation was the headlines of the gold market this week. Gold futures price for June delivery dropped $16, to touch the $1,370.70 level.

Spot gold price loss was even more. It dropped $16.80 and last traded at $1,376.25.

The U.S. economic data due for release today, Friday, might bring further declines to gold price if it came better than expected.

The gold bulls need to push gold price above the $1,400 mark. While the bears need to close the prices below April’s low at $1,321.50.