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Bob Haberkorn, senior commodities broker, RJO Futures, said the short-term trend in gold is down, although longer term he still likes gold.
FORBES: METALS OUTLOOK: Gold To Watch The Dollar, Bernanke
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"I'm sure there are a lot of margin calls being triggered and positions being blown, " said Bob Haberkorn, senior commodities broker with RJO Futures.
WSJ: Gold Plummets to Two-Year Low
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Besides the Chinese data, gold and other commodities also are drawing support from a softer U.S. dollar, said Bob Haberkorn, senior commodities broker with R.
FORBES: Chinese Data Sends Some Base, Precious Metals To Highest Levels In More Than A Month
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The comments from Bernanke will be the most important event for the week, especially if he talks about the current bond-buying program, known as quantitative easing, Haberkorn said.
FORBES: METALS OUTLOOK: Gold To Watch The Dollar, Bernanke
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Bob Haberkorn, senior market strategist at MFGlobal, said although gold prices slid in the late U.S. afternoon trade, ultimately it will be bullish for gold and silver as investors will continue to seek those metals as safe havens.
FORBES: FOCUS: Fed's 'Twist' Program Likely To Have Little Long Term Impact On Markets