Prices rallied during the overnight session but have been mostly sideways to very mildly up since that point. There was an overhead gap on the chart, but prices filled that gap and have now turned higher again. There is resistance around the 6650.00 – 6660.00 price level, so prices will need to work through that if they are to go any higher today. Note that this resistance level is the previous long term range support on the daily chart, and also right at the mid-line of the Envelope Bands as well, so it is not a coincidence that we are seeing resistance at this price level.
For now, I would call prices mixed to slightly up, but watch the resistance area I noted, as that will be the key as to whether or not this rally continues today. We will probably see mixed trading no matter how things play out, and prices could trend in either direction before it is over, so stay flexible and follow the price action.
