short term profit

COMEX:GC1!   Gold Futures
Sell stops kicked off and aggravated the drop today. That said, although there are macro pressures (economy back on track, gains in the dollar, fund managers reducing gold-related shares etc. etc.), technical selling accounts for the majority of the decline today.

Chinese traders come in Monday and restock to take advantage of the drop
RSI dips below 30 and price recovered every time RSI came close to this range

Gold will most likely end up somewhere lower but why not take a short term profit

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.