Looking at the longer term, I have the 4hr chart below and you can see the trend up. Basically what it shows us is that price can pull back to 498 and still maintain this strong trend, and right now price is hugging the middle of that trend.

Shorter term, you see the 15m chart and we have a downward channel that looks like a flag after the rally the past week. That puts some resistance around 507 and support down near 504.50. 503.30 below that, then it’s really 500.34. A break out of the channel above 507 and we have to deal with 509, and the supply zone 509.59-510.13 before being able to hit 511, 513.

For today, keep your eye on price either maintaining the channel, in which case target 504.50, or if 506 holds strong and it starts to break out of 507, target 509.

1) Status quo will be our most likely scenario, look for resistance at 507 target 506, 504.50
2) If price can break out of the flag over 507 target 508.10, 509, 509.59 see if it can break out of the supply zone.
3) If price falters at 504.50 then 503.30 comes easy, watch how price reacts here, If it is pushed strongly back into the channel that can be a look below in fail, in which case follow price back up into scenario 2. If price can not push back over 504.50, watch for a break of 503.30 and target 502, 500.34

William Wallace