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
George Gero, precious-metals strategist with RBC Capital Markets Global Futures, pointed out that the number of open positions in Comex gold for contracts beyond 2012 is building.
FORBES: Focus: Safe-Haven Buying Boosts Gold; Diverges From Equities and Rises With Dollar
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, pointed to optimism for improving demand for PGMs from the automotive sector.
FORBES: Palladium Hits Highest Level Since February; Platinum Also Rises
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, looks for traders to continue factoring in potential for more stimulus in the U.S., Europe and China.
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, described a situation in which traders who established old long positions at lower prices have sufficient equity.
FORBES: Comex Gold Steady After Backing Down From Fresh Highs Overnight
Yet another supportive influence for gold was U.S. Senate passage of a bill pressuring China over valuation of the yuan, said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures.
FORBES: Softer Dollar, 'Trend Reassertion,' Asian Demand Send Gold Higher
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, said he expects some buying to cover short positions from traders who do not want to hang onto bearish gold bets over the weekend.
FORBES: Gold Recovers As Soft U.S. Data Dings Dollar; Market Eyes Physical Demand
Had the FOMC statement been construed to mean accommodation could be scaled back sooner than previously thought, gold might have extended its earlier losses, said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures.
FORBES: FOCUS: Gold Bounces After FOMC Statement; Continued Accommodation Seen As Supportive
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, is among those traders who monitor the open-interest data on a daily basis for clues on the type of buying or selling that is occurring.
FORBES: Rising Gold Prices, Open Interest Reflects New Buying In July
George Gero, vice president and precious-metal strategist with RBC Capital Markets Global Futures, said that the fact that gold futures have traded in tight range in the last few days suggests that investors are uncertain about what the central banks are going to do.
George Gero, vice president with RBC Capital Markets Global Futures, vice president-precious metals strategist, said he expected gold to trade steady to higher next week as gold.
FORBES: METALS OUTLOOK: Gold Seen Steady To Higher Next Week After Recent Weakness
Markets also will be eyeing news reports on the strength of post-Thanksgiving Black Friday holiday sales for signs of how the economy is holding up, Gero said.
FORBES: Gold Market Expected To Focus On Greece, Fiscal Cliff, Fed Speakers Next Week
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