The South African Standard Bank issued its report for the performance of gold prices in the commodity market in the past week in May 24th. The report analyzed COMEX gold, gold futures and gold ETFs price movements during the week.
COMEX gold futures net speculative length fell for the third week by 22.5 tonnes, totaling 77 tonnes. This drop makes the longest period of liquidation since October last year.
Gold ETFs continued to sell by 41.2 tonnes for the week, marking as the 15th straight week of net selling. The total of gold ETFs shorts summed 472.1 tonnes.
Gold prices are building a near upside momentum, even if the feds slow their pace in bond purchasing. The first challenge for the gold bulls is to push past the $1,400 resistance.