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.
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