Investing.com - Gold futures were lower for the eighth consecutive day on Monday, falling to a five-week low as investors continued to sell the precious metal amid speculation over an earlier-than-expected end to the Federal Reserve’s quantitative easing program. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,347.45 a troy ounce during European morning hours, down 1.3% on the day. Comex gold prices fell by as much as 2% earlier in the session to hit a daily low of USD1,337.75 a troy ounce, the weakest level since April 18. Gold futures were likely to find near-term support at USD1,323.00 a troy ounce, the low from April 16 and resistance at USD1,391.25, the high from May 17. Gold prices continued to come under pressure amid expectations the Fed will wind down its stimulus program, citing indications of an improving U.S. economic outlook. Data on Friday showed that U.S. consumer sentiment rose more than expected in May, climbing to an almost six year high. The University of Michigan said its consumer sentiment index jumped to 83.7 in May, its highest level since 2007, from 76.4 in the preceding month, outstripping expectations for a reading of 78.0. A separate report by the Conference Board showed that its index of leading economic indicators rose 0.6% in April, more than double the 0.2% increase expected by economists. Gold traders are now looking ahead to Wednesday’s Federal Reserve minutes, for further hints regarding the central bank’s monetary policy. Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected. Some chart-based selling also weighed after prices broke below key support levels, triggering a flurry of automatic sell orders. Sentiment on the precious metal was further dampened after data showed investors held 74,432 short contracts on gold, the highest level since June 2006. Elsewhere on the Comex, silver for July delivery plunged 4.5% to trade at USD21.34 a troy ounce. Prices were down 9.5% earlier in the session to hit a daily low of USD20.21 a troy ounce, the weakest level since September 14, 2010. According to market participants, silver’s plunge was triggered by a move higher in the yen. The dollar was lower against the yen on Monday after Japan’s Economy Minister Akira Amari indicated that the yen’s correction from excessive strength was almost over and said that further yen weakness could have a negative impact on Japan’s economy.

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