The fall in gold prices triggered a sell-off, with analysts calling profit-taking a healthy adjustment

The US gold price continued to fall back, falling below $3,720/oz. Analyst Adam Button said: "The theme of the global market today is profit-taking, and some of the strongest performing assets of the year are starting to pull back. Technology stocks, dollar short positions and some other high-flying assets have all followed a similar trend. The most amazing gain this year has been gold, which has risen by nearly 50%. Every time the gold price has fallen by $50-60 (sometimes even smaller) in the past month, it has triggered strong bottom fishing buying, driving the rally to continue. This trend will be tested again this week. I think the drop below $3,750 triggered some selling, which is a completely healthy correction. The market needs to consolidate at least before it can hit the $4,000 mark. In addition, we have seen some aggressive buying in gold company stocks over the past week, suggesting that retail investors are finally starting to join the gold party. "