The reversal on Monday adds concern to many of the bulls who are likely to jump on board the profit-taking bandwagon if the indices aren't able to round off at lows intraday on Tuesday and make a strong intraday reversal.
Mike Paulenoff writes that although the Gold ETF (GLD) was under pressure earlier today, and extended its two-week slide from 64.59 to the morning's low at 60.65, let's notice that the price structure is attempting to pivot to the upside off of the October-December support line.
Most analysts are anticipating the bulls to hold steady as the year comes to an end. This belief is rooted in the expectations that the economy is going to attempt a soft landing.
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