The reversal coincides with a turn higher in US Treasury yields and optimism about US-China trade following a call between Trump and Xi. There were no meaningful announcements following the call but the sides agreed to a round of meetings led by top deputies. The market is optimistic that it means the path to lower trade tensions is intact.
Today's price action is disappointing for the bulls though. Yesterday I highlighted the importance of breaking the May high of $3437 in order to extend the uptrend.
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