Oil and gold moved together again on Tuesday, ending a brief decoupling in which gold had risen even as oil fell 8.7% the day before. The reversal illustrates a well-documented pattern: investors who bought near last week's price peak tend to hold losing positions rather than sell at a loss, a bias described in Shefrin and Statman's 1985 research on the disposition effect. Recency bias compounds this by anchoring expectations to that recent high rather than the diplomatic easing now driving both prices lower.
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