Now, the market also is being hit by margin-related selling, said Gero and Ironbeam precious-metals analyst Sean Lusk.
FORBES: FOCUS: Gold's Tumble Continues; Bargain Hunting Seen Once Prices Stabilize
Sean Lusk, precious-metals analyst with Ironbeam, said he looks for investors to continue buying gold on price dips.
Lusk showed some neat football skills before charging over for the opening try to put his side in control.
Further technical buying is possible if the market breaks through its prior highs from early this summer, Lusk said.
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Weakness in outside markets can compel investors to sell gold to book profits and meet margin calls elsewhere, Lusk said.
Sean Lusk, precious-metals analyst at Ironbeam, said the Federal Reserve might hint at such improvements, which would be bearish for gold.
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Lusk and Wright cited rekindled worries about the eurozone, which is in the midst of both a debt crisis and economic slowdown.
Lusk pointed to a 1.8% decline in German manufacturing output during September.
Also, Lusk said, there might be some worries that minutes of the January meeting of the FOMC, due out at 2 p.m.
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Lusk said he remains upbeat about gold for the longer term.
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Sean Lusk, precious-metals analyst with Ironbeam, also said there are rumors of a large order that may have been liquidation, with the decline triggering sell stops.
FORBES: Focus: Sharp Gold Decline Blamed On Large Sell Order, Technicals, Softer Euro
Gero and Lusk also cited the strength in the stock market so far this year as a factor hurting gold, even though equities are off of their highs.
FORBES: FOCUS: Gold's Tumble Continues; Bargain Hunting Seen Once Prices Stabilize
Dr. Jayson Lusk is Professor and Willard Sparks Endowed Chair in the Department of Agricultural Economics at Oklahoma State University and can be reached at Jayson.
In addition to the Fed stimulus, Sean Lusk, precious metals analyst at Ironbeam, said the rising tensions in the Middle East may keep gold supported in the near term.
Historically low interest rates, particularly in 2003 and 2004, encouraged real estate purchases, says Delores Conway , director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate.
But the news flow since has again pointed to the prospects of the country having to sell some of its gold to raise a portion of the cash needed for a financial rescue, Lusk said.
FORBES: FOCUS: Gold's Tumble Continues; Bargain Hunting Seen Once Prices Stabilize
Also, the market began working its way higher again after a policy statement following a U.S. Federal Open Market Committee meeting Wednesday showed that the Fed intends to stick with its accommodative monetary policy, said Sean Lusk, gold and silver analyst with Ironbeam.
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