Gold at Pivot

8:49 a.m., EST

GLD, retraced 50%, now at edge of range.

Reversal is possible

Note: Both charts are inverted, turned upside down.

Above: GLD is currently at 50%, a common retrace level.

Next: We have GLD, in a possible trading channel.

With the Fed meeting minutes due out at 2:00 p.m., EST, that release could be used as the excuse for GLD, to complete its corrective action.

If GLD pivots lower, the dollar (UUP), could also make its move and reverse higher.

Stay Tuned

Charts by StockCharts

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