Watch and learn How to Knit Fingerless Gloves on the Rainbow Loom. This tutorial will teach you how to knit fingerless gloves on a Rainbow Loom. You can make them any color or size you would like. You will need only need one Rainbow Loom or knitting loom and any size yarn you would like to use. Here’s a tip when making your fingerless gloves….when you do the first wrap around the loom with your yarn, check and see if your hand will fit inside. It it looks like it will be too loose, use less pegs. If it looks like it will be too tight, use more pegs. Also, the yarn fingerless gloves do not take as long to make as the rubber band fingerless gloves.