Some decent size resistance in the $1480 area has kept the bulls frustrated and patience may be starting to wear thin. Falls to the $1440 area have, so far, been met with strong buying and the battle goes on.

_gch4 07 05 2013

We are currently pushing the lows once more, sub $1450 on the greater risk environment.

Still we find ourselves in the channel with the bottom line at $1431 just below the 100 H4 ma at $1433. Since the rally from the mid April lows we’ve not had any challenge to the lower line.

The market is pausing for a moment with neither buyers nor sellers looking to take control. Bulls will be fearing the run is losing steam and the bears will be worried about dip buyers.

With a lack of US data this week we may have to continue to wait for that big something to break the range.