Friday was the last trading day of the week and of the month, which made for some more active trading, including long liquidation of futures contracts, due to position-squaring.

FORBES: P.M. Kitco Metals Roundup: Gold Solidly Lower on Technical Selling; Traders Still Jittery from Wednesday's Sell Off

With this potential for liquidation, investor and newsletter writer Dennis Gartman said early Friday that he was exiting half of his gold position.

FORBES: Analysts Look For More Gains In Gold, Although Some Wary Of Correction

The net-long position in gold remains heavy and prices are softening, and they say the possibility of long liquidation is increasing.

FORBES: Funds' Bullish Positions In U.S. Precious Metals Futures, Options Continue To Grow -- CFTC